Market insights

Market Comment - 1st December 2022

Good morning,

Morning headlines indicate a potential cooling off of house prices in the UK. Nationwide released their data this morning at breakfast showing a contraction of -1.4% on house prices month on month. This is to be expected with the dramatic increase in mortgage rates and the cost of living situation. The forecast is for an overall contraction of -9% over 2023.

That's what's dominating business headlines this morning. That and the stark reality facing many consumers that we're in for difficult times in the coming months. Not many rays of sunshine on any network.

Yesterday saw better than expected inflation for the Eurozone at 10% and better than expected GDP growth for the US at 2.9%. Interestingly neither of these figures had much bearing on Pound rates. It wasn't until the speech by the FED's Chair, Jerome Powell, that things started moving. The Dollar lost ground versus Sterling as Mr Powell indicated interest rates may need to go higher than previously thought in September.

There's another raft of data out today which could affect GBP/EUR and GBP/USD. There is global manufacturing data out throughout the day from the Eurozone, UK and US. There's also jobless claims in the US, a speech by the Governor of the Bank of Japan, Haruhiko Kuroda, and speeches from the ECB. On top of that tomorrow starts relatively spritely with speeches by the Reserve Bank of Australia's Governor, Philip Lowe and ECB Chief, Christine Lagarde.


Today’s Economic Calendar

EUR: 09:00 S&P Global Manufacturing PMI

UK: 09:30 S&P Global Manufacturing PMI

US: 13:30 Initial Jobless Claims

JPN: 13:30 BOJ's Haruhiko Kuroda Speech

US: 14:30 FED's Michelle Bowman Speech

US: 15:00 S&P Global Manufacturing PMI

EUR: 16:45 ECB's Philip Lane Speech

EUR: 17:30 ECB's Frank Elderson Speech

AUS: Friday 02:00 RBA's Philip Lowe Speech

EUR: Friday 02:40 ECB's Christine Lagarde Speech


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

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