Market Comment - 9th March 2022

Posted by Stuart PritchardMarch 9, 2022

Good morning,

The Pound continues to weaken versus the Euro with the rate slipping back into the mid term range this morning. The breakout had looked hopeful for a period and maybe the Pound will regain the strength it's lost. However at this stage it looks more likely to drop back a bit further.

Against the Dollar it's a slightly different story. Traders appear to have had their fill of the Greenback and the GBP/USD rate may have bottomed out for now. Certainly developments in Ukraine will have the biggest effect on this rate.

Overnight the Chinese inflation numbers came in slightly ahead of expectation. Analysts had predicted 0.8% growth but the real number came in at 0.9% growth. Because it was only a small variance there was little reaction in the markets.

Today is a quiet day for scheduled news and eyes will be turning towards the ECB interest rate decision tomorrow as well as the US inflation numbers.

As ever we look forward to keeping you in the loop and look out for our next update.

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