Market Comment - 2nd November 2021

Posted by Stuart PritchardNovember 2, 2021

Good morning,

Let's get straight into it. The GBP/EUR rate was in decline yesterday and there doesn't look to be much on the horizon to turn that around other than a potential global news story either from COP26 or around the vaccine booster programme. There are 2 expected rate hikes for the Bank of England before the end of the year which should have been positive for the Pound rate. However the Pound remains out of favour with traders as we speak.

It's a similar situation with the Dollar.

However, what is interesting is that it's economic data such as interest rate hikes and bond yields that's come back to the fore when talking about currency rates. This is in contrast to most moves recently being attributed to global events such as Covid. At this point it's difficult to see if this is a sustained shift or simply there isn't much news out there to move the markets right now.

Interestingly the Swedish Krona continues to demonstrate nice strength both versus the Euro and the Pound. We have been speaking to a number of commentators around the globe including some of our trading partners in Spain and this looks to be attractive for property purchases in Southern Europe.

There's no real data out today so eyes will mainly be on news coming out of COP26.

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

UK: All day - COP26

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