Market Comment - 28th July 2021

Posted by Stuart PritchardJuly 28, 2021

Good morning,

What a great afternoon for Sterling yesterday. Great gains made versus the previous few sessions. It all seems to be on the back of the ongoing UK stats around Covid. The number of new cases dropped again which is against the trend for Tuesdays when typically the weekends numbers are reported. This could mean that the vaccination rollout coupled with herd immunity is working although we all know that the situation can turn on a sixpence.

The US data yesterday came in marginally softer than expected. This possibly helped the Pound gain further against the Greenback.

UK housing data also came in slightly below consensus at 7am this morning. Nationwide figures had expected to show a 12.1% gain year on year but the numbers came in at 10.5%. This still indicates a hot market right now.

Looking ahead it's the US interest rate decision later that will be keenly followed with the FED's Monetary Policy Statement starting at the same time.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today's Economic Calendar 

CAN: 13:30 Inflation data

US: 19:00 Interest rate decision and FED policy statement

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