Market Comment - 7th July 2022

Posted by Stuart PritchardJuly 7, 2022

Good morning,

Boris Johnson is obviously the main topic an all news fronts today. Resignations total 50+ meaning he's struggling to even fill the positions on the front bench already vacated. Looks to be inevitable now that he resigns. Interestingly, purely from a Pound perspective, the markets are responding favourably to the ongoing situation. The Pound has been steadily gaining overnight and is now off the bottom of the recent range.

However this may have been underpinned also by strong comments from the Bank of England who are showing determination to bring inflation down. Also there was much better than expected house price data out from the Halifax at breakfast this morning. Analysts had predicted a 0.8% month on month growth and the actual number came in at 1.8% growth. Year on year the predicted number was 10.6% growth but the actual number was 13% growth. The month on month number indicates there's no slowing of the market that continues to race on.

Today sees European and US led data although there will also be keen scrutiny on two speeches by members of the Bank of England Monetary Policy Committee later.

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: 12:30 ECB Monetary Policy Meeting Accounts

US: 13:30 Jobless Claims

UK: 14:00 BoE Catherine Mann Speech

UK: 17:05 BoE Huw Pill Speech

US: 18:00 FED's Buller and Waller Speeches

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