Market insights

Market Comment - 26th April 2023

Good morning,

The Pound had a tough morning yesterday losing a lot of ground in the morning on the back of comments from the Bank of England. Huw Pill, the Bank of England's chief economist, stated that people in the UK have to accept that they are poorer than they used to be rather than demanding large pay rises. His suggestion was that to continue spending in the same way as always rather than cutting back is what is continuing to drive inflation.

At one point it started to look like a rout. However the afternoon saw a return to normality and largely a recovery versus the Euro and a half regain against the Dollar.

Overnight the Australian inflation number came in slightly better than expected at 6.1% which added to the gains for the Pound in the GBP/AUD pairing.

Today it's probably going to be about GBP/USD. Just after lunch there's a raft of US led data including durable goods orders and non defence capital goods orders excluding aircraft. Not a very catchy title.


Today’s Economic Calendar

US: 13:30 Durable Goods Orders

US: 13:30 Non Defence Capital Goods Orders Excluding Aircraft


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

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