Market Comment - 7th October 2021

Posted by Stuart PritchardOctober 7, 2021

Good morning,

Let’s start with the Halifax housing data out from the UK this morning at 7am. Analysts were expecting growth of 4.9% year on year and 0.8% month on month with last month. In actual fact it came in at 7.4% year on year and a massive 1.7% month on month. This puts paid to the notion of a cooling off in the market following the stamp duty holiday and indicates the hot market is continuing for now.

This had an immediate effect on the GBP rate versus USD. However the reaction versus EUR was more sedate as the technical resistance level still holds.

Other than that the rates versus majors are relatively low in volatility right now so there hasn’t been vast amounts of change since our update yesterday.

Looking ahead it’s a bit of a yawnathon through the course of the day with 5 members of the ECB Executive Board giving press conferences along with the New York FED’s President giving a speech. Alongside this is the Bank of Canada’s Governor giving a speech late afternoon. Eyes will be on these to see if any grains of interest are forthcoming so there could be a degree of movement with the EUR rate through the course of the day.

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: 08:30 to 15:45 ECB Executive Board speeches

US: 12:40 FED’s Williams speech

CAN: 16:00 Bank of Canada’s Macklem speech

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