Market insights

Market Comment - 2nd May 2023

Good morning,

The Pound found strength towards the end of last week. Friday saw the Pound make decent gains against both the Euro and the Dollar in a fairly active session going into the long weekend. Subsequently some of the gains have been given back, but the overall, short term trend is for bullish Sterling.

GBP/EUR could be bashed around a bit today as it's mainly Euro centric news scheduled through the course of the day. Besides the ECB's lending survey the big one is Eurozone preliminary inflation out later. Economists are expecting year on year growth of 6.9% so this will be very closely watched.

Outside of this the other highlight is New Zealand unemployment out towards midnight.

Here in the UK there was a glimmer of light for the housing market as the Nationwide broadcasted month on month growth in house prices of 0.5%. Analysts were expecting a contraction of -0.4%.

Business headlines are relatively big following the weekend. In the States there's the next rush to avert hitting their debt ceiling. Hitting the debt ceiling level is now inevitable. The choice is the Governmental bodies to down tools or for action to raise the ceiling. The latter is most likely.

In the UK BP has announce huge profits of £4 billion for the first quarter of this year. This has triggered the expected backlash against big energy.

Artificial intelligence is now firmly on the business roadmap. The latest news is Dr Geoffrey Hinton leaving Google citing his own fear about the progress of AI and the dangers it could possibly represent.

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

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