Market Comment - 8th July 2022

Posted by Stuart PritchardJuly 8, 2022

Good morning,

Traders of the Pound are optimistic on the back of the PM's exit. The Pound has gained nicely versus both the Euro and the Dollar over the last 48 hours.

GBP/EUR is now back in the middle of the mid term range which then asks the question of which direction next. With the political turmoil in the UK right now that's made the question a bit of a coin toss as both directions have a similar probability.

GBP/USD still remains towards the bottom of the range but the break to the downside, which didn't hold, now looks to be less likely. However the US reports it's non farm payrolls later which could have an effect on the USD rates. Analysts are predicting growth of 268,000 jobs. Non farm payrolls in the states is a key indicator of the US economy. It reports the full time change in employment excluding seasonal fluctuations such as the harvest and Christmas etc.

Prior to that is a speech by the ECB President, Christine Lagarde which could move Euro rates.

However it's likely that Saturday could produce overall volatility for early Monday when China releases its inflation numbers.

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: 12:55 ECB President Speech

US: 13:30 Non Farm Payrolls

CHN: Saturday 02:30 Inflation Data

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