Market insights

Market Comment - 2nd December 2022

Good morning,

Yesterday saw an unexpected pump of the Pound against most major currencies.

The highlights were versus the Euro and the South African Rand. Overnight trading has seen a lot of the fizz given back to the Euro as the GBP/EUR rate has settled back towards the bottom of the jump.

GBP/USD has held it's ground a bit better however where the rate is starting to look a little more palatable for buyers of the Dollar.

Today sees the non farm payroll number in the States. This is often seen as the bellwether of the global economy as it demonstrates the employment position in the worlds largest economy. It's called non farms due to it's origins. The idea is to remove seasonal fluctuations to give a truer snapshot of the jobs market. Historically, seasonal periods such as harvest time saw a huge change in employment numbers whereas today it would be more like removing fluctuations around Thanksgiving and Christmas. Analysts are expecting 200,000 jobs to have been added in November.

Other than that it's a speech in the early hours of tomorrow from ECB chief, Christine Lagarde.


Today’s Economic Calendar

US: 13:30 Non Farm Payrolls

CAN: 13:30 Employment Data

EUR: Saturday 02:30 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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