Market insights

Market Comment - 8th March 2023

Good morning,

GBP/USD took a bashing yesterday. The FED Chair, Jerome Powell, testified in front of Congress last night. The main topic of conversation seemed to be around cooling an overheated economy with monetary policy including raising interest rates. However the flip side was that Congress appeared to favour a relaxation of fiscal policy to stave off big rises in unemployment. This has had a great result for the Dollar which gained quickly versus both the Pound and the Euro. With further testimony by Mr. Powell today it could be another big day for the Dollar.

The Pound also slipped versus the Euro in the last 24 hours. With a raft of Eurozone data out today it could be a very volatile day. There's GDP information out, employment data and speeches from the ECB. Hold onto your hats. Analysts are expecting a quarter on quarter GDP result of flat i.e. zero. No growth and no contraction.

The US also sees employment data out later before the Bank of Canada releases it's interest rate decision and rate statement.

From there eyes will turn to the Japanese Yen as the Japanese GDP number comes out. Analysts are expecting quarter on quarter growth of 0.2%.

If that wasn't enough the early hours of tomorrow continue the deluge of data. Just after midnight there's the UK's RICS housing price balance followed by Chinese inflation numbers. Analysts for this one expect year on year growth of 1.9%.


Today’s Economic Calendar

EUR: 10:00 GDP numbers

EUR: 10:00 Employment change

EUR: 10:00 ECB's Christine Lagarde and Fabio Panetta Speeches

US: 13:15 ADP Employment Change

US: 15:00 FED's Jerome Powell Testifies

CAN: 15:00 BoC Interest Rate Decision and Rate Statement

JPN: 23:50 GDP numbers

UK: Thursday 00:01 RICS Housing Price Balance

CHN: Thursday 01:30 Inflation Data


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

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