Market insights

Market Comment - 21st July 2021

Good morning,

The fantastic weather continues. Typically we can't seem to find a happy medium. Either it's too cold and wet or it's just too hot to handle with few air con buildings in the UK. However, better to be this side of the fence than the other.

To business. Public Sector net borrowing in the UK came in slightly better than expected at 7am this morning meaning we borrowed £340M less than expected. This caused a momentary bounce in the strength of the pound although the gain has subsequently been given back.

Earlier on in the morning there was a slew of Japanese data although this appeared to be broadly in line as the Yen kept it's pace versus Sterling.

At the moment it seems the market is really poised to react to Covid news again. We've had a number of phases over the past 18 months from lock downs to case surges. Now we have 3 phases all hitting the markets at the same time. The vaccination rollout, the unlocking in parts of the UK and the surge in the Delta variant. These appear to be having more effect on the market than scheduled market data.

However that's not to say that a significantly outside consensus piece of market data won't cause a big move as it most certainly could.

Looking ahead it's another quiet day market data wise for the day, and if anything significant happens we will send a further update out.

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

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