Market insights

Market Comment - 6th January 2023

Good morning,

The Pound took a tumble yesterday afternoon against the Dollar. The US economy continues to defy expectations and delivered another set of better than expected numbers. Employment change was expected to be positive 150k, but actually came in at positive 235k.

In the UK it was a less than salubrious start to the day. The Halifax reported a further slowing down of the housing market with a month on month contraction of -1.5% and year on year growth of just 2%. However their are reports coming through that banks may enter into price wars for mortgage rates which could encourage buyers.

Today sees the Eurozone release it's preliminary inflation numbers with analysts expecting a reading of 9.7% growth. Anything either side of that could well affect GBP/EUR.

The big news out today though is the non farm payrolls in the States. This is the reading of non seasonal job changes for the worlds largest economy. Analysts are expecting 200,000 jobs to have been added in December.

There's also Canadian job data out and US services data out so expect a volatile day. And if that wasn't enough there's a whole raft of FED and ECB speeches through the evening.

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Today’s Economic Calendar

EUR: 10:00 Preliminary Inflation Numbers

US: 13:30 Non Farm Payrolls

CAN: 13:30 Employment Change

US: 15:00 ISM Services PMI

US: 16:15 FED's Raphael Bostic Speech

US: 16:15 FED's Lisa Cook Speech

EUR: 16:15 ECB's Philip Lanes Speech

US: 17:15 FED's Thomas Barkin Speech

US: 18:00 FED's Esther George Speech

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

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Economic calendar

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

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

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