Market insights

UK General Election July 4th - MI230524

In a very unexpected turn of events the UK Prime Minister, Rishi Sunak, announced a general election on 4th July.

The Pound jumped to the upside immediately.

Expect potential turmoil in Pound rates from here on in. Every general election, as you would expect, causes volatility.

Outside of this there's a big day of data ahead with global services and manufacturing data being reported.

There's also European consumer confidence being reported in the afternoon before a UK reading of consumer confidence at midnight and UK retail sales at breakfast tomorrow.

So all in all it could be a lively 24 hours.

No need to say what the business news is focusing on. The belief, behind the scenes, is that the general election was called because the Conservatives don't have a "card up their sleeve" which was expected to be tax cuts in October.

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Economic calendar

EUR: 09:00 Services and Manufacturing Data

UK: 09:30 Services and Manufacturing Data

US: 14:45 Services and Manufacturing Data

EUR: 15:00 Consumer Confidence

UK: Friday 00:01 Gfk Consumer Confidence

UK: Friday 07:00 Retail Sales

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

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