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Market Comment - 3rd October 2022

Posted by Stuart PritchardOctober 3, 2022

Good morning,

It's fair to say there's been a bit of turmoil in the currency markets since our last update!

Following the mini budget and the emergency action taken by the Bank of England, Pound rates have calmed down again after a sharp sell off. GBP/USD and GBP/EUR had the potential to go to parity before the BoE intervention.

The upshot of that though is there is now plenty of headroom for both rates to trade into. Perhaps more meat on the bone being provided by the UK Government might help with the recovery. Only time will tell. The first U turn has already occurred with the Chancellor scrapping his plan to remove the 45% tax rate which he claims has been a distraction for an overall positive mini budget.

Today sees mainly manufacturing data from around the globe before a number of speeches by the FED later in the day. The early hours of tomorrow sees the Reserve Bank of Australia release its interest rate decision.

Today’s Economic Calendar

EUR: 09:00 S&P Manufacturing PMI

UK: 09:30 S&P Manufacturing PMI

US: 14:05 FED's Raphael Bostic Speech

US: 14:45 S&P Manufacturing PMI

US: 16:45 FED's Thomas Barkin Speech

US: 19:15 FED's Esther George Speech

US: 20:10 FED's John Williams Speech

US: 23:45 FED's Raphael Bostic Speech

AUS: Tuesday 04:30 RBoA Interest Rate Decision

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

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