Market Comment - 5th October 2022

Posted by Stuart PritchardOctober 5, 2022

Good morning,

The Pound has held its gains overnight but still pushes against the resistance zone versus the Euro. Against the Dollar its a slightly better story as the recovery continues at a steady pace. It's a similar story against other major currencies such as the Euro Australian and Canadian Dollar.

Business headlines continue to be dominated by the cost of living situation and continuing strikes in an effort for unions to narrow the gap between inflation and wage growth. However the news in the mortgage market is exacerbating the situation with rates starting to jump quickly making it difficult for first time buyers as well as squeezing those renewing their mortgage offers.

Today sees US employment data alongside global services purchase managers indices. The latter captures a snapshot of employment and spend in the services sector. The middle reading for this index around the world is 50. Anything below 50 is seen as negative for the currency in question and vice versa for anything over 50. However this will also be weighed against the currency that the rate is being paired against. As an example if the UK reading comes in at 49.2 and the US number comes in at 49.2 there shouldn't be much effect on GBP/USD rates.

Today’s Economic Calendar

EUR: 09:00 S&P Global Services PMI

UK: 09:30 S&P Global Services PMI

US: 13:15 ADP Employment Change

US: 14:45 S&P Global Services PMI

US: 21:00 FED's Raphael Bostic Speech

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

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

© 2022. RegencyFX Ltd. All rights reserved. *Third party fees may apply.

Payment services for RegencyFX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.

The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

Payment services for Regency FX Ltd are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB).

License No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951

Currency Pairs, Approved Jurisdictions and Non-Permitted Activity

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram