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Market Comment - 6th July 2022

Posted by Stuart PritchardJuly 6, 2022

Good morning,

Todays headlines are dominated by a trouble torn Boris Johnson. With both the Chancellor, Rishi Sunak, and the Health Secretary, Sajid Javid, resigning is this the beginning of the end for the Prime Minister? Unfortunately the PM seems to be swaying from one negative story to another and losing allies along the way. The coming week will be very telling.

What affect did last night have on exchange rates? In reality, absolutely none. The Pound continues to pick up versus the Euro (although still at the bottom of the range), and the break to the downside versus the Dollar didn't hold again either. However it must the said that the Pound looks precarious versus the Greenback.

Today sees European retail sales being reported followed by purchasing managers data from the US later. However it's probably the Federal Open Market Committees meeting minutes out at tea time that will have the most effect.

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 Retail Sales

US: 15:00 PMI Data

US: 19:00 FOMC Minutes

UK: Thursday 07:00 Halifax House Prices

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