Market insights

Market Comment - 10th May 2023

Good morning,

The Pound continues its romp versus the Euro. The Pound finally broke above the years defined range at the end of last week. The GBP/EUR rate is now back at the bottom of the longer defined mid term range. And with little UK or Eurozone news out today that's where the rate could sit. However it's unlikely that status quo will last much past tomorrow when there's the UK's interest rate decision out at early lunch. Ahead of that there's some UK house price data out around midnight from the Royal Institute of Chartered Surveyors.

The big news today will likely affect GBP/USD. Just after lunch there's the confirmed inflation numbers out from the States where analysts are expecting annualised growth of 5.5%.

The early hours of tomorrow also sees Chinese inflation numbers out where economists are expecting an annual growth rate of 0.3%.

Business news remains subdued currently with a smattering of US political news. There's the debt ceiling debate in the States where the US is rapidly reaching the point where it doesn't have enough money to pay its bills. Alongside this is the Donald Trump sexual assault case which has gone against Mr. Trump.

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Economic calendar

US: 13:30 Inflation Data

UK: Thursday 00:01 RICS Housing Price Balance

CHN: Thursday 02:30 Inflation Data

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

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