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Market Comment - 4th August 2021

Posted by Stuart PritchardAugust 4, 2021

Good afternoon,

Let's get straight to it. ADP Employment numbers from the US are due out shortly so this could cause a bit of movement in the GBP/USD price. We are closely watching the numbers.

The Pound is still holding this relatively strong line against the other majors which is very encouraging. Outside of a global macroeconomic news story there should be no reason for this to change.

Later in the afternoon there's the Purchasing Managers Index in the States which has been closely followed over recent months as a strong indicator of economic conditions over the pond. Chip shortages around the globe are having an impact on everything from consumer electronics to cars and this has been reflected in this particular index in April and May.

Looking further ahead, it's Super Thursday in the UK tomorrow. Everything happens at midday from the interest rate decision to the monetary policy minutes. This is closely followed by the Governors speech.
Therefore if you're sat watching rates and just needing a little more before pulling the trigger the cautious move would be to get the trade done before midday or if you're fancying a bit of a gamble then wait to see what comes out from that data.

Today's Economic Calendar

US: 13:15 ADP Employment Change

US: 15:00 PMI Data

UK: 12:00 Interest rate + Meeting minutes + BOE Asset Purchase Facility

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