Market insights

The Pound continues it's collapse - Market Insight 20th July 2023

The Pound continued it's drop versus the Dollar and the Euro yesterday exacerbated by higher than expected inflation data from the Eurozone. There was a brief rally in the early hours, but Pound rates have continued to drift subsequently.

The Australian unemployment rate came in slightly better than expected at 3.5% which has further strengthened AUD versus GBP.

Dollar rates could be affected during the day as US led data dominates proceedings until the early hours of tomorrow. Initial jobless claims and housing sales are the main headlines.

The early hours of tomorrow look interesting. In chronological order we've got UK consumer confidence, Japanese inflation (analysts expecting annualised growth of 3.5%), UK public sector net borrowing (expect a big number around £27 billion), and finally UK retail sales. Month on month growth for the latter estimated to be 0.2% growth.

Todays business news centres around industrial action. Rail services are deeply affected and senior hospital doctors start a 48 hour strike.

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Economic calendar

US: 13:30 Initial Jobless Claims

US: 15:00 Existing Home Sales

UK: Friday 00:01 Gfk Consumer Confidence

JPN: Friday 00:30 Inflation Data

UK: Friday 07:00 Public Sector Net Borrowing

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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