Market insights

Huge volatility for the Pound yesterday - Market Insight 24th August 2023

Yesterday saw global manufacturing and services purchasing managers indices numbers. Initially the Eurozone numbers came in below expectation which saw the Pound rocket versus the Euro....before poorer than expected numbers from the UK saw the Pound collapse versus the Euro. A real game of two halves in a short space of time.

The same was repeated in the US, so the upshot is that GBP/EUR and GBP/USD have returned to a status quo.

Today sees the start of the Jackson Hole Symposium in the US. This is where heads of central banks get together annually to discuss economics and forecasts. It doesn't necessarily result in volatility in FX markets, but does pave the way for future policy.

It's all US led data today with highlights being durable goods orders and initial jobless claims. Going into tomorrow we see Japanese inflation (3% annualised growth expected), and UK consumer confidence numbers.

In business news it's all about AI again. Nvidia, the chip manufacturer, sees a doubling of business because of the sector and the spotlight is on the implications of AI in the defence industry.

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Economic calendar

US: 13:30 Durable Goods Orders

US: 13:30 Initial Jobless Claims

UK: Friday 00:01 Gfk Consumer Confidence

JPN: Friday 00:30 Tokyo Consumer Price Index

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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