Login

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.

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.

Today’s Economic Calendar

EUR: 12:55 ECB President Speech

US: 13:30 Non Farm Payrolls

CHN: Saturday 02:30 Inflation Data

© 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