Market insights

Market Comment - 7th March 2023

Good morning,

According to the Halifax, UK house prices appear to have bounced back after a disappointing end to last year. Month on month growth for February was expected to show a 0.2% increase, but actually came in at 1.1% growth. Possibly the fear around ever increasing interest rates is now subsiding.

The Reserve Bank of Australia hiked their base rate by the expected 0.25% to 3.6% which is in line with most developed countries globally. This had a small effect on GBP/AUD where the Pound has gained a little ground against the Australian Dollar. However this rate may be affected in the early hours of tomorrow when the Governor of the RBA, Philip Lowe, gives a speech.

Today will be all about the Dollar later when the FED Chairman, Jerome Powell, testifies before congress mid afternoon.

Tomorrow breakfast time could see some movement on GBP/EUR rates when Germany releases it's retail sales numbers. Analysts are expecting contraction of -5% year on year.

Business news centres on Australian crop exports which are predicted to be a record highs this year following their torrential rain in recent months. Exports are expected to hit $75 billion.


Today’s Economic Calendar

US: 15:00 FED's Jerome Powell Testifies

AUS: Wednesday 00:30 RBA's Philip Lowe Speech

GER: Wednesday 07:00 Retail Sales


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

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