Market insights

Market Comment - 2nd March 2023

Good morning,

Comments by the Bank of England Governor, Andrew Bailey, saw Pound rates drop sharply yesterday. Weakness was immediately witnessed against the Euro, the Dollar, the Australian Dollar and the Canadian Dollar. Against the Euro this may have been exacerbated by the German preliminary inflation numbers coming in slightly higher than expected later in the afternoon at 9.3% growth versus expected 9.0% growth.

Today is a big day for the Euro so movement could be expected. Following a speech by the ECB President, Christine Lagarde, there's Eurozone preliminary inflation numbers (analysts predicting growth of 8.2% year on year) and employment data followed by the ECB Monetary Policy Meeting Accounts and another speech from the ECB.

Later on it's jobless claims from the US before a speech from Huw Pill from the Bank of England. Based on the reaction to the BoE Governors speech there will be many eyes on this.

Business news continues to be centred on the gloomy economy. Even the glimmer of a breakthrough in Northern Ireland hasn't put much positivity out there. Maybe the interest rate decision on 23rd March will start picking the fortunes of the Pound up.


Today’s Economic Calendar

EUR: 08:00 ECB's Christine Lagarde Speech

EUR: 10:00 Preliminary Inflation Data

EUR: 10:00 Employment Numbers

EUR: 12:30 ECB Monetary Policy Meeting Accounts

EUR: 12:30 ECB's Isabel Schnabel Speech

US: 13:30 Initial Jobless Claims

UK: 15:00 BoE's Huw Pill Speech


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

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