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Market Comment - 3rd August 2022

Posted by Stuart PritchardAugust 3, 2022

Good morning,

Finally a small glimmer of hope in the economy. The RAC has suggested a full tank of petrol cost £5 less in July than June. However they believe the Government should be making bigger cuts in fuel taxation to pass on to consumers. This is somewhat offset by the news that credit card debt is on the rise indicating consumers are turning to credit to cover household bills.

Pound rates continue much as they left off yesterday. Against the Dollar the recovery has stalled a little and against the Euro it continues to bump towards the top of the mid term range. With global services data out for Europe, the UK and the US today that could move things and eyes will be on the Eurozone retail sales figures at mid morning.

However we think it's tomorrow that could be the most interesting as the UK releases it's raft of data around and including the Bank of England interest rate decision.

Today’s Economic Calendar

EUR: 09:00 S&P Global Services PMI

UK: 09:30 S&P Global Services PMI

EUR: 10:00 Retail Sales

US: 14:45 S&P Global Services PMI

US: 15:00 ISM Services PMI

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

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