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Market Comment - 5th May 2021

Posted by Stuart PritchardMay 5, 2021

Good Morning,

The UK pledges extra cash to target the new Covid variants. The UK government is pledging more money to obtain vaccines that can fight against the new variants of coronavirus. Experts say that the greatest risk of a third wave in infections would be the new variants escaping the vaccine.

Recent figures have also shown that UK homeowners borrowed a record amount of £11.8bn more on mortgages than what was repaid, the housing market is booming with the public looking to purchase hoping to beat the tax relief deadline. This was the highest level of net borrowing since data was initially recorded way back in 1993.

There have been very few changes within the foreign exchange market over the last few days and there have been no major events within the economic calendar that have impacted the major pairings.

The Euro has been holding a softer tone within the last 24 hours, with GBP/EUR regaining some of the losses from last week.

When looking at today’s forecast it is looking rather scarce; keep an eye out for the PMI readings for April in conjunction with the US non-manufacturing ISM survey for April.

As it appears to be another noneventful day, it could be a day of tight range trading for the major FX pairs.

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Todays Economic Calendar 

ITA: 08:45 Markit Composite PMI (April)

FRA: 08:50 Final Markit Composite PMI (April)

GER: 08:55 Final Markit Composite PMI (April)

EU-19: 09:00 Final Markit Composite PMI (April)

Final Markit Services PMI

EU-19: 10:00 Producer Prices (March)

US: 09:00 Final Markit Composite PMI (April)

Final Markit Services PMI

US: 15:00 Non-Manufacturing ISM (April)

IRL: 16:30 Exchequer Returns (April)

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