Market insights

Market Comment - 5th January 2023

Good morning,

The Pound has taken a dip in early trading as the post New Year hubris has worn off. It looks to be profit taking at this stage so the sell off may not hold.

With little UK or Euro centric news scheduled today it's only trading that should affect GBP/EUR. Against the Dollar it could be a different story with employment change and initial jobless claims out at late lunch in the US.

The Pound also looks weak against both the Australian and Canadian Dollar and with no news out for either of those countries it may be a similar pattern today.

The Halifax puts out it's house prices at breakfast time tomorrow where analysts are expecting the previous month on month contraction to have stabilised and are predicting a modest 0.1% growth.

Business news continues the thread of a slow down in the global economy. Amazon are reported to be axing 18,000 jobs globally which follows the trend of other tech companies doing the same. Car sales are also at a 30 year low in the UK although this is put down to chip shortages restricting the sale of new cars.


Today’s Economic Calendar

US: 13:15 ADP Employment Change

US: 13:30 Initial Jobless Claims

UK: Friday 07:00 Halifax House Prices


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

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