Market Comment - 31st January 2022

Posted by Stuart PritchardJanuary 31, 2022

Good morning,

The GBP/EUR rate remains locked in the battle to break out through the multi year high. The rate has been in this battle since the middle of January and previous attempts to break out have resulted in a quick, but small correction. Maybe the much anticipated Sue Gray report will provide the necessary catalyst to make the rate move decisively.

The same can't be said of the GBP/USD rate that remains mid range and isn't moving decisively.

Yesterday was the start of Chinese New Year and this appears to have had some effect on the Chinese Yuan that has lost a lot of ground versus Sterling. However the rate may also have been affected by slightly lack lustre manufacturing data out from China yesterday.

Against the Australian Dollar things look rosy for the Pound where the rate got back up to highs not seen since August 2021. The Australian Retail Sales and RBA Interest Rate Decision in the early hours of tomorrow could have some effect there though.

Today sees a raft of preliminary Euro data including the overall Euro GDP rate and the German inflation numbers.

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

EUR: 10:00 Preliminary GDP Data

GER: 13:00 Preliminary Inflation numbers

AUS: Tuesday 00:30 Retail Sales

AUS: Tuesday 03:30 RBA Interest Rate Decision

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