Market insights

Market Comment - 31st January 2023

Good morning,

GBP/EUR took a bit of a nose dive yesterday. Preliminary German GDP came in at a -0.2% contraction against expectations of a flat result. This may put pressure on the European Central Bank to offer support. However, conversely, the Eurozone economic sentiment reading came in ahead of expectations.

Today sees a raft of data coming out that could move both GBP/EUR and GBP/USD. There's also data out from the UK in the early hours of Wednesday for shop prices. First off is the Eurozone preliminary GDP data. Analysts are predicting a quarter on quarter flat result (as they also predicted a flat result for Germany). A real figure of contraction could be good for the Euro versus the Pound.

UK business news centres on the outcome of Brexit. Whilst imports and exports appear to have been largely unaffected (and in some cases are up), the overall effect seems to have been negative. When compared to other members of the G7 it looks like the UK is underperforming overall when it comes to trade deals and investment.


Today’s Economic Calendar

EUR: 10:00 Preliminary GDP Numbers

US: 15:00 Consumer Confidence

UK: Wednesday 00:01 BRC Shop Price Index


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

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