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Market Comment - 4th July 2022

Posted by Stuart PritchardJuly 4, 2022

Good morning,

Independence Day in the US. This normally results in low volatility for the Dollar. GBP/USD, after a brief retest of recent lows on Friday, remains locked in a sideways movement at the bottom of the recent range. Good news for anyone converting Dollar to Sterling.

Business news continues to track rising prices and the general state of the economy globally. Headlines include Sri Lanka reportedly about to run out of petrol altogether, forecasts that food costs are going to get increasingly higher and not expected to peak until next year, and finally the ongoing price negotiation between Heinz and Tesco with baked beans and ketchup no longer on the shelves there.

On Friday the Eurozone inflation numbers came in slightly higher than expected which had the knock on effect of getting GBP/EUR back up to the bottom of the recent range. With no big news scheduled for today it could be tomorrows global purchasing managers indices that creates movement.

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 Producer Price Index

AUS: Tuesday 05:30 Reserve Bank of Australia (RBA) Interest Rate Decision

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