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Market Reports

8:08am, September 7th 2022

Sterling Undecided

Whilst the pound saw some early gains yesterday as PM Truss took the reins, these have been given back since. Sterling now finds itself back in the $1.14 handle against the greenback and softer against the euro. The initial gains have been absorbed rapidly.

It will be a rocky road ahead for Truss which faces a multitude of issues, the largest being the cost-of-living crisis in the UK. The pound will react to any new policy moves but for now, it appears the small dose of positivity Truss provided has come to an end.

On the economic calendar today a rate decision from the Bank of Canada who is likely to opt for a 75 basis point rise. However, there’s a small chance this could be a 1% move. Other than that, it’s a quiet day. BoE members will testify in front of a Parliamentary Select Committee which may produce some excitement for sterling, however, do not hold your breath.

Written by Viv Savani. 8:08am, September 7th 2022

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

9:50am, September 26th 2022

Sterling Plunges

View Report
8:15am, September 9th 2022

75bps from the ECB

View Report
8:42am, September 29th 2022

BoE Intervene to Stabilise Markets

View Report

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