Market insights

Pound near year highs again - MI 040923

Early trading has seen the Pound continue its gains versus the Euro. The GBP/EUR rate is back close to year highs. It's a level that has seen technical resistance a number of times this year. Will this time be the charm? There are speeches from the German central bank and the ECB later so that could be the telling moment for the Euro.

Other than that it's a quiet day for scheduled news until the early hours of tomorrow. First there's the UK's like for like retail sales and then it's eyes on the Australian Dollar. The Reserve Bank of Australia (RBA) announces it's interest rate decision. Analysts are expecting the rate to remain at 4.1%.

Business news is equally dull. Chinese property stocks have taken a nice upturn as one of the largest property companies, Country Garden, has secured a last minute reprieve from it's potential debt default.

There was also a surprise, huge alteration to UK economy figures for 2021. Previously it had been reported that the UK economy shrank by -1.2% in the final quarter of 2021, and that has been revised to 0.6% growth! Bit of a turnaround.

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Economic calendar

GER: 14:00 Buba President, Joachim Nagel, Speech

EUR: 14:30 ECB's President, Christine Lagarde, Speech

UK: Tuesday 00:01 BRC Like for Like Retail Sales

AUS: Tuesday 05:30 RBA Rate Decision

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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