Market Comment - 4th January 2023

January 4, 2023
Market Comment - 4th January 2023

Good morning,

The Pound has finally shown some strength in the last 24 hours. Against both the Euro and the Dollar the Pound is pushing up. Maybe the bottom was found as traders returned from the New Year break.

The move hasn't been as a result of scheduled news therefore it's likely it's simply technical trading that is bolstering Sterling.

There isn't a lot of scheduled news either over the next couple of days. Highlights for today include consumer credit in the UK, manufacturing data in the US, the FOMC meeting minutes also from the US, and finally some Chinese manufacturing data in the early hours of tomorrow.

Business news doesn't show much sign of change today. Besides the cost of living and strikes there's some focus on the cryptocurrency world where regulators have put out a stark warning in the US regarding the safety of crypto investments. This is all as a backlash of the collapse of the FTX platform.

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Today’s Economic Calendar

UK: 09:30 Consumer Credit

US: 15:00 ISM Manufacturing PMI

US: 19:00 FOMC Meeting Minutes

CHN: Thursday 01:45 Caixin Services PMI

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

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