Market Comment - 31st August 2022

Posted by Stuart PritchardAugust 31, 2022

Good morning,

The Pound continued to slide through the course of Tuesday. The GBP/EUR rate moved towards the lower end of the mid term range. Maybe the European inflation numbers out shortly will have some effect on this.

It's a similar story with the Dollar. At one point yesterday you would have got less Dollars for your Pound than you would have got Euros for your Pound. The ADP employment numbers out from the US later may have some effect on GBP/USD.

Other than that it's the ongoing talk of strikes in the UK that's making the news. Royal Mail walks out for the second time today with more strikes promised from a number of different sectors going forward including barristers.

From a UK perspective there's not much scheduled news before the end of the week so it might be European or US led data that has any significant effect. Things for the Pound could well be stalled until Monday when we find out who the next Prime Minister is.

Today’s Economic Calendar

EUR: 10:00 Inflation Data

US: 13:15 ADP Employment Change

CHN: Thursday 02:45 Caixan Manufacturing PMI

UK: Thursday 07:00 Nationwide Housing Prices

GER: Thursday 07:00 Retail Sales

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

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