Market insights

The US continues to show resilience - Market Insight 14th July 2023

Yesterday saw the US continue it's positive run of economic news. First there was the Producer Price Index that showed an annual reading of 0.1% growth versus expected 0.4% then there was the initial jobless claims that were ahead of expectations. All of this has caused weakness in the Dollar versus the Pound as it's become more likely the Bank of England will have to potentially take more action than the Federal Reserve in the near future.

GBP/EUR is a slightly different kettle of fish. The Pound is in more of a stalemate with the Euro going into Friday with neither gaining the upper hand. Little out UK wise for news, so it could be the ongoing meeting of the European finance heads that pushes the rate today.

There's little scheduled news out today ahead of Monday when Rightmove reports it's house price index first off the bat followed by Chinese GDP data.

Business news sounds more positive as it looks like a pay deal has been accepted for public sector workers. The range is from 5 to 7% and some increments apply back dated to April whilst others kick in in September. Hopefully this will be an end to some of the industrial action that has been hampering the UK through this year.

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Economic calendar

EUR: 08:00 onwards EcoFin Meeting

US: 15:00 Preliminary Michigan Consumer Sentiment Index

UK: Monday 00:01 Rightmove House Price Index

CHN: Monday 03:00 GDP Data

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

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