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The pound had a steady week against all major currencies, proving to be the stronger side following the big fall on both the Euro as well as the dollar and others. The main thing to focus on is the next PM election being chosen on Monday which will continue to cause volatility across the week. Rishi Sunak and Lis Truss are still battling it out, both proving to have equal solutions to the costs of living however it’s still likely the winner will be Truss. With not much economic data coming out this week. The main focus will lie on the upcoming days to the election coming out next Monday.
The tensions over in Ukraine are still continuing to show no signs of de-escalation to the war as Russia still continue to move forward and pursue their efforts into invading Ukrainian Soil. With CPI data as well as PPI and retail sales coming out in Europe this week. That will be the main focus as to where the Euro will move towards next. Further to this, there is also a focus on the natural gas prices that will be announced once again this week, expected to still be at an all-time high. That will give a key insight to where the Euro finishes the week. Lastly, we`ll look to see if Russia restarts gas flows after having three days of maintenance there’s speculation that it may not be.
We saw continued weakness in the dollar last week after GDP figures came out a lot lower than expected, causing a big drop against all major currencies, and falling off just under 2% across the week. With the war still continuing to rise tensions over in Ukraine, the safe-haven currency is still proving to show its weakness and further fall. The main focus this week will be the Non-farm Payrolls coming out in America this Friday, expected to be a lot lower than previous data. If we see a big difference in the figures, then we could see further weakness for the dollar.
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