Market insights

Market Comment -31st October 2022

Good morning,

GBP/EUR remains in recovery after the weekend. The political turmoil appears to have subsided which has been an anchor on Sterling rates. The new Prime Minister, and a firmer hand on the UK's economy seem to be well received by traders.

Business news this morning centres on the possibility that taxes may have to rise to provide for services such as the NHS. With inflation around 10% year on year there will have to be some digging in pockets to ensure quality of life is maintained.

Today also sees a turn around in industrial action as Royal Mail staff decide not to proceed with planned strikes. Previous strikes appear to have caused job loss and a reduction in parcels and letters being posted. The reality may be that a global pandemic still has to be paid for.

Today sees UK lending to consumers followed by preliminary GDP and inflation numbers out in Europe. Anyone tracking GBP/AUD will focus on the Reserve Bank of Australia's interest rate decision in the early hours of tomorrow where analysts are predicting a 0.25% hike to 2.85%.


Today’s Economic Calendar

UK: 09:30 Consumer Credit

EUR: 10:00 Preliminary GDP

EUR: 10:00 Preliminary Inflation

AUS: Tuesday 03:30 RBA Interest Rate Decision


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

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