GBP/EUR close to year highs - Market Insight 23rd August 2023

August 23, 2023
GBP/EUR close to year highs - Market Insight 23rd August 2023

Pound rates have got close to year highs versus the Euro today. With little scheduled news this looks to be technical buying by traders. The next 48 hours will be key. Will we see a drop against technical resistance or will we see a breakout to the upside? The global manufacturing and services purchasing managers indices out today could prove the telling factor. Buying Euro's could be favourable today just in case there is that technical pullback. There's also Eurozone consumer confidence out later.

GBP/USD is similar. Whilst not as close to year highs the Pound is still relatively robust versus the Dollar. Over in the States we are moving towards the Jackson Hole Symposium starting tomorrow. This is a forum for central bankers to meet and discuss global economics and forecasts.

Business news centres on the housing market in the UK. The Halifax has announced that whilst property prices have dropped, affordability has actually gone the opposite direction due to higher interest rates.

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Economic calendar

EUR: 09:00 Services and Manufacturing PMI

UK: 09:30 Services and Manufacturing PMI

US: 14:45 Services and Manufacturing PMI

EUR: 15:00 Consumer Confidence

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