26/08/2021 -DAILY MARKET REPORT


Germany weighing on the Euro


  • GBP remained range-bound in Wednesday trading ahead of the bank holiday weekend. A new survey of UK business activity indicates that 60% of businesses in the hospitality and leisure sector are projecting a surge in revenues over the long weekend – another sign that consumer confidence is returning and that UK economic growth is set to continue. The economic calendar is very quiet for Sterling this week, and GBP should trade mostly in reaction to events elsewhere.


  • EUR had a very quiet day, with the single currency flat against USD and GBP. The Euro is being weighed down by downbeat German data – ahead of voters taking to the polls next month to decide who will replace Merkel after 16 years in office. One opinion poll has given the centre-left a lead (for the first time in 15 years), whilst a coalition remains the most likely outcome. ECB Monetary Policy meeting accounts are released today and investors will be looking for fresh clues as to future policy decisions.


  • USD focus shifts to the start of the Jackson Hole Symposium, as well as preliminary numbers for Q2 GDP and initial jobless claims. We could see a very strong end to the month for the Greenback if GDP comes in on or above consensus (6.7%), along with a low jobless claims number ahead of Fed Chair Powell potentially talking up an end to stimulus tomorrow.


On This Day...


On this day in 1682, English astronomer Edmond Halley first observes the comet that would be named after him. He was widely involved in a number of scientific endeavours, including being appointed Astronomer Royal at Greenwich.



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