Market Comment - 5th July 2022

Posted by Stuart PritchardJuly 5, 2022

Good morning,

Today continues to see the GBP/USD rate sat near a key support level. Any significant move to the downside could see the rate drop precipitously. However with little US based data scheduled for today it seems unlikely for that to happen. There is a smattering of UK based news out today though including purchasing managers index and the Bank of England's financial stability report.

Against the Euro the Pound seems to be locked in a sideways channel with the rate towards the bottom of the recent range. The Eurozone is also putting out it's purchasing managers index through the morning so maybe this will have an affect on rates.

Sideways moves seem to be the order of the day for Sterling today with not much to show against other currencies such as the Australian and Canadian Dollar.

Broader business news continues to focus on cost of living with Sainsburys providing a sobering view of the back end of the year and predicting that sales will start to decline as consumers look for cost effectivity or even cutting back altogether.

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: 09:00 S&P Global PMI

UK: 09:30 S&P Global PMI

UK: 10:30 Financial Stability Report

UK: 17:30 BoE Silvana Tenreyro Speech

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