Market insights

Pound rates near year highs versus the Euro - Market Insight 17th August 2023

The Pound looks to have been winning versus the Euro in recent days with better than expected inflation and better than expected GDP growth. With the rate up near year highs again it will be interesting to see if the rate fails at resistance or pushes on.

The Eurozone trade balance and the UK retail sales numbers out tomorrow breakfast could be the deciding factor. With the latter analysts are expecting month on month contraction of -0.5%.

From a US perspective it's the initial jobless claims just after lunch that could affect GBP/USD.

Business news centres on the UK rental market which is hitting tenants from both directions. A freeze to housing benefit hits the first direction whilst soaring rental prices hits the other.

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Economic calendar

EUR: 10:00 Trade Balance

US: 13:30 Initial Jobless Claims

UK: Friday 07:00 Retail Sales

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

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