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Market Comment - 2nd August 2022

Posted by Stuart PritchardAugust 2, 2022

Good morning,

Another potentially quiet day for scheduled news today. GBP/EUR remains in the sideways channel towards the top of the mid term range and GBP/USD has softened slightly in the last 24 hours although the Pound does seem to be gaining slowly overall.

Against the Australian Dollar it's a slightly different story. The Reserve Bank of Australia increased their base rate by 0.5% to 1.85%. This has caused the Australian Dollar to slip versus the Pound although the rate remains well away from the year highs.

Business news centres around BP's whopping profits of £6.9 billion for the last quarter. Added to Q1 their profits sit at £12 billion for the year so far. Set against that it's been reported that household energy bills could hit £3600 per year by the end of the year.

Today’s Economic Calendar

US: 15:00 FED Charles Evans Speech

NZ: 23:45 Employment Data

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

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