Weekly Report – 14th November – 18th November 2022

Friday 18th November -The Pound ended the week in a positive position as the UK’s latest retail sales figures indicated a rebound in growth. This came after disappointing figures in September but it certainly gave investors a boost.

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The Euro also edged higher at the end of the week as the single currency was boosted by comments from the European Central Bank. The ECB said that the bank expects to raise rates higher but even so, any gains were limited following concerns around the ongoing war in Ukraine.

There was a downward trend for the US Dollar as the safe-haven currency saw its appeal dip following an improved market mood. A drop in Treasury yields didn’t help the Greenback and even hawkish comments from the Federal Reserve were not enough to give the currency a boost.

Thursday 17th November

The Pound lost ground during the European Session as the Autumn Statement left the currency in a volatile position. A year-long recession was also forecast by the Office for Budget Responsibility but during the afternoon the currency did limit its losses.

The Euro lost ground against a number of peers after the release of the finalised October inflation figures. The figures came in lower than expected but it did show that prices continued to rise. However, some of those losses were recovered as a result of rising hike bets.

The US Dollar trended in a broad range following a speech from the Federal Reserve. Along with this, initial jobless claims also dropped helping to boost the Greenback. As US inflation appeared to slow down in October, this resulted in fears that aggressive rate hikes would ease.

Wednesday 16th November

It was a disappointing day for the Pound as it weakened against a number of peers. Data indicated that inflation reached 11.1% during the year up to October and that placed pressure on the BoE to increase interest rates.

There were some strong headwinds for the Euro as a result of the ongoing Ukraine conflict. Further missile strikes on a village in Poland increased tensions and that left the single currency struggling to make up any ground.

There was a lot of pressure on the US Dollar as markets prepared to trim any bets relating to rate hikes. However, inflation seemed to ease in the year to October although a risk-off mood helped to reduce any losses.

Tuesday 15th November

The Pound strengthened against a number of rivals as interest rate rise bets were prompted by improved wage growth figures. Along with this, cooling inflation in the US also helped to give the currency a boost.

There was some initial support for the Euro as the German ZEW economic sentiment index came in higher than expected. Despite this, a risk on mood in markets placed pressure on the single currency.

The US Dollar weakened during the session as the latest US PPI came in lower than expected, causing the currency to push downwards. However, the Greenback was able to make up for most of these losses by the end of trading.

Monday 14th November

The Pound rose initially during trading although it did weaken through the day as markets continued to be concerned by the UK economy. As more companies continued to close down, the cost-of-living crisis continued to weigh heavily on the currency.

The Euro struggled during the session even though Eurozone industrial production came in better than expected. Any positive data might have been offset by the US Dollar and a risk-on mood left the single currency struggling.

There was no direction for the US Dollar as a risk-on mood left the currency in a volatile position. However, any losses were eased after inflation data showed signs of cooling although it was a relatively muted day for the safe-haven currency.

Currency Ranges for the week:

GBP/USD: Low: 1.17047 High: 1.19799

GBP/EUR: Low: 1.13206  High: 1.15206

EUR/USD: Low: 1.02781  High: 1.04542


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