Market insights

Market Comment - 29th July 2022

Good morning,

Yesterday the US entered a technical recession. Their preliminary GDP data showed a quarter 2 contraction of -0.9%. This went against analysts expectations of 0.5% growth. The US initial jobless claims were also marginally worse than expected. This has resulted in a continuance of the returning strength to the Pound which made further gains versus the Greenback over the last 24 hours.

Versus the Euro the Pound remains towards the top part of the mid term range. With UK and European news out today that rate could shift a little. First is Germany's GDP data, then the UK's money supply numbers. On the back of that is Eurozone inflation and GDP data so it could be a volatile morning.

Going into the weekend the news returns to US led information with personal spending data and the Michigan consumers sentiment index out mid afternoon.

Business news continues to be dominated by rising costs as McDonalds decides to put between 10p and 20p on most items. Their cheeseburger is going up from 99p to £1.19 which is the first price change in 14 years for that product and gives an indication of the realities most consumers will start facing.


Today’s Economic Calendar

GER: 09:00 Preliminary GDP Data

UK: 09:30 Personal Spending

EUR: 10:00 Preliminary GDP and Inflation Data

US: 13:30 Personal Spending

US: 15:00 Michigan Consumer Sentiment Index


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

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Get your free quote now

Economic calendar

Open a free account

It is free and easy