Login

Market Comment - 7th May 2021

Posted by Stuart PritchardMay 7, 2021

Good Morning,

Following the election yesterday, the Conservatives took Hartlepool seat from Labour, this is the first time Hartlepool has had a Conservative MP since the constituency’s creation when Jill Mortimer won the by-election.

There was a total of 16 candidates in the election, Conservative Ms Mortimer won with 15,529 votes. Labour received 8,589 votes.

There has been a rather varied tone within the economic calendar yesterday; the major currency pairs stay range bound, there was a partially stronger tone to the Euro.

The main event from yesterday was the Bank of England monetary policy meeting; the BoE has not changed the interest rates.

Nevertheless, the central bank revealed that they will lessen their weekly asset purchases from £4.4bn to £3.4bn. The GBP forecast was also amended from 5% to the higher 7.25%; during the announcement there was some volatility with sterling however, it simmered down throughout the afternoon trading session.

The stronger tone to the Euro is shown in the EUR/USD opening this morning and the EUR/GBP is slightly rising, GBP/USD remains mostly unchanged from yesterday.

Initial jobless claims continued to trend lower in the US, falling below 500K for the first time since the global Covid-19 pandemic began.

Looking forward to today the main event will be the U.S Labour Market Report for April, payrolls are expected to go up close to 1m due to the US labour market. Regarding the jobless rate, it is looking to go slightly lower from 6% to 5.8%.

Data-wise, initial jobless claims continued to trend lower in the U, predicting to be below 500K for the first time since the global Covid-19 pandemic began.

The green list with countries you can travel to from the UK will also be revealed today. Travellers to countries on the green list will still have to take part in some active measures to stop the spread of the virus; this will include taking a private Covid test in their holiday destination before returning to the UK. 

They will also need to fill out a passenger locator form online before they leave their holiday. If their test results come back negative, then there is no need to quarantine upon arrival back to the UK.

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.

Todays Economic Calendar 

GER: 07:00 Industrial Output (March) -

GER: 07:00 Trade Balance (March)

- Exports

FRA: 07:45 Industrial Output (March)

FRA: 07:45 Trade Balance (March)

- Exports

ITA: 09:00 Retail Sales (March)

US: 13:30 Non-Farm Payrolls (April)

- Unemployment Rate

- Average Earnings (April)

US: 20:00 Consumer Credit (March)

© 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