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Market Reports

6:13am, October 24th 2022

Sunak for Prime Minister?

As the new week commences, the pound is reacting to weekend developments around the race to become the next UK Prime Minister. After announcing an attempt at a comeback, Boris Johnson last night withdrew from the contest, ensuring the most likely outcome is a Sunak victory.

The pound rallied as markets reopened and, as the day goes on and we approach the internal Conservative Party vote, we should see more volatility across GBP pairs. The vote occurs later this afternoon and we may have a new Prime Minister by the evening.

Elsewhere, 3 central bank meetings will focus this week. The main event will be the European Central Bank which is forecast to raise rates by 75 bps once more. The Bank of Japan and Canada will also feature.

Company earnings will also influence markets this week with Q3 reports due from Microsoft, Apple, Amazon, and Alphabet (Google).

Have a great week.

Written by Viv Savani. 6:13am, October 24th 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

6:33am, November 29th 2022

Markets Mixed

View Report
6:28am, November 30th 2022

Eurozone Inflation in Focus

View Report
6:21am, November 25th 2022

Quiet End to the Week Expected

View Report

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