Market Comment - 6th May 2021

Posted by Stuart PritchardMay 6, 2021

Good Morning,

Today is “Super Thursday” where up to 48 million people across the UK are eligible to head to the polls for the local elections, it is the biggest set of votes since the 2019 general election and the polling stations will be open from 07:00 BST until 22:00 BST.

There has been another day of minimal action within the economic calendar yesterday. The major currency pairs were at very tight ranges this is understandable due to the quiet macro diary. The US non-manufacturing ISM for April did not live up to the expectations nevertheless regarding the April reading it still consists of the second highest level ever. The survey data did not have an affect on the dollar.

This morning, the major pairs have not really changed from the last 24 hours. The EUR/GBP pair is still trading in a tight range, the EUR/USD pair and the GBP/USD pair are still trading in the similar range from where the market closed yesterday.

The British Pound has surpassed against a lot of its G10 FX counterparts this week. This includes triumphs against the Euro, Swedish Krona, and the Norwegian Krona.

Looking forward the main event today is the BoE meeting for May, no policy changes are expected however as there is a press conference and the macro forecasts will be updated, the risk for sterling cannot be dismissed. Governor Bailey is most likely to get questions with the QE tapering.

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Todays Economic Calendar 

IRL: 01:01 AIB Services PMI (April)

GER: 07:00 Industrial Orders (March)

UK: 09:30 Final Markit / CIPS Composite PMI (April)

- Final Markit Services PMI

EU-19: 10:00 Retail Sales (March)

IRL: 11:00 Unemployment Rate (April)

- Covid-19 Adjusted Rate

UK: 12:00 BoE Interest Rate Announcement (May)

US: 13:30 Initial Jobless Claims (w/e 26th April)

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