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Weekly Market Report: 4th – 7th January 2022

Tuesday 4th January – The Pound made up some good ground on Tuesday as there were increased bets on a likely Bank of England rate hike next month. Furthermore, the news that Omicron is still proving to be less severe means that no further restrictions

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BoE’s Interest Rate Rise Leaves Pound Stronger

After the Bank of England announced an increase in the interest rate to 0.25% on Thursday, the Pound rose. However, these gains were capped and this is because the currency was still being held back by concerns over the latest news surrounding the Omicron variant.

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Pound Pushes Higher Despite Omicron Worries

The Pound experienced some fluctuation on Tuesday but it did manage to eventually make gains following the latest UK jobs data which showed that a recovery had continued beyond the end of the furlough scheme. However, the speed at which the Omicron variant is spreading

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Change in Market Sentiment Gives US Dollar a Boost

The Pound managed to recover some of its losses on Thursday as it firmed following its poor performance on Wednesday following the announcement that new Covid-19 restrictions would be put in place. It looks as though the upside comes from many other currencies weakening and

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New Covid Restrictions Forces Pound to Drop

The Pound took a tumble on Wednesday as it reacted to news that new covid restrictions would be brought back in. Even though the new strain is looking as though it could come with milder symptoms, the Prime Minister decided that new restrictions would help

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Pound Drops as US Dollar Climbs

The Pound was left vulnerable to losses on Tuesday as it lost ground against many of its rivals due to a lack of data. The Omicron variant of Covid-19 is a cause for concern and with cases rising, investors are concerned that new restrictions could

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Bank of England Comments Force Pound Downwards

On Friday afternoon, the Pound took a sharp dive after it reacted to dovish comments from the Bank of England. The comments indicated that a hike rate is likely but the bank would need more information on the new Omicron variant before it makes a

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Subdued Day for Euro and Pound While USD Improves

The Pound experienced a rangebound day of trading on Wednesday. This was down to a number of factors such as the final manufacturing PMI which gave a varied picture of factory activity. Along with this, comments from the Bank of England placed pressure on the

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Markets Remain Volatile After News Of New Covid Variant

Throughout the session on Tuesday, the Pound lost ground as it suffered from a lack of data, leaving it open to losses. Brexit uncertainties are weighing heavily on the currency while comments from the Bank of England around the new Covid-19 variant potentially slowing down

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US Dollar Rebounds and Euro Firms and Pound Has a Mixed Day

Monday was a mixed day for the Pound even though consumer credit rose to 0.7bn last month, way above expectations, as people increased their borrowing during the rebound after lockdown. However, Brexit concerns and Northern Ireland protocol negotiations along with the latest Covid-19 variant are

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Euro Takes Off as Pound Weakens and US Dollar Firms

On Tuesday, the Pound weakened as UK PMI indicated that high input costs caused problems for businesses while supply chain problems and staff shortages halted growth. However, manufacturing and services data came in better than expected although this didn’t help to push the currency higher.

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US Dollar Rises as Pound and Euro Both Struggle

As the session on Monday unfolded, the Pound slipped lower as the Bank of England made some cautious comments and current Brexit concerns placed pressure on the Pound. There were more challenges later in the day after another energy company fell victim to the energy

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Encouraging Jobs Data Gives Pound a Boost

The Pound edged higher on Tuesday after impressive UK jobs data gave the currency a boost. The data indicated that the labour market remains in a good position despite the furlough scheme coming to an end. This was also bolstered by comments from the Bank

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Poor Economic Outlook and Brexit Weight on Pound

The Pound strengthened at the start of trading on Tuesday after it became apparent that retail sales had recovered during October according to reports from the British Retail Consortium and Barclaycard. Despite this, the National Institute of Economic and Social Research gave a bleak economic

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Pound Regains Losses while US Dollar Suffers

On Monday, the Pound started positively as it made up for some of the losses it experienced last week following the decision from the Bank of England on interest rates. While there was no clear indication as to what caused the positive start, it was

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Brexit Tensions Still Weigh Heavily on the Pound

The Pound struggled on Monday as it reacted to ongoing Brexit concerns and even a possible Bank of England rate increase couldn’t give the currency the boost it needed. There were further tensions between France and the UK with both threatening to take action. Furthermore,

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Autumn Budget and Brexit Tensions Cause Pound to Fall

The Pound experienced a difficult day on Wednesday even though the Office for Budget Responsibility gave a positive forecast. The UK’s autumn budget was revealed where the Chancellor announced an extra £150bn in spending although this did come with criticism as it was found that

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Pound Loses Gains and US Dollar Bounces Back

On Tuesday the Pound edged higher against a number of its rivals after Covid cases dropped for the fourth day in a row. In addition to this, the Confederation of British Industry’s Distributive trades also came in above expectations. Despite this, a downturn in market

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Mixed Data Releases Sees Pound Gently Nudge Upwards

It was a turbulent day for the Pound on Thursday although eventually, it managed to trend upwards thanks to news that UK public borrowing for this financial year was lower than expected. However, the good news was offset by news that business optimism for Q4

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New Investment From UK Sees Pound Jump

During trading on Tuesday, the Pound surged following the beginning of the UK’s Global Investment Summit with the government announcing that £9.7bn of foreign investment would be made into green industries. Despite the initial gains, the Pound did lose ground following a market correction and

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Significant Rise in Gas Prices Sees Pound Lose Ground

During the session yesterday, the Pound slipped as further rises in gas prices placed pressure on the currency. Following a pipeline capacity auction yesterday, it was clear that there was not going to be an increase in gas supplies from Russia into Europe. With no

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Potential BoE Rate Hikes Push Pound Upwards

Through the session on Friday, the Pound was boosted by improved optimism that a resolution would be found to bring an end to the dispute around the Northern Ireland protocol. There was further support for the currency in the form of a potential Bank of

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Downturn in Market Mood Causes Pound to Struggle

At the start of the session on Tuesday, the Pound edged higher following the release of positive employment figures. Despite this, those gains were quickly lost during the afternoon as the market reacted to concerns around the end of the furlough scheme and how that

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Disappointing Payrolls Data Forces USD Downwards

On Friday, the Pound moved higher against many of its peers, despite ongoing concerns about the energy crisis gripping the UK. A positive market mood gave the currency a boose as well as a strong recovery in the UK stock market. This saw the Pound

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Easing Energy Concerns Help Pound to Firm

After the announcement from the UK government that it would have enough energy supplies to cope with demand in the winter, the Pound strengthened against many of its rivals on Thursday. Additional support came from comments made by the Bank of England which said that

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Easing Fuel Crisis Helps to Ease the GBP Woes

The Pound continued to improve on Monday as the fuel crisis looked to be easing as the UK Government deployed the military to help deliver fuel to those areas still struggling. Despite the gains, they were capped as there are warnings that it could take

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