Attention turns to PMI releases.

The foreign exchange (FX) markets witnessed dynamic movements on 22nd August 2023, as the currencies GBP, EUR, and USD responded to a mix of economic data releases and global events. Here’s a recap of the key events that shaped the market landscape:

GBP (British Pound): The British Pound (GBP) displayed varied performance on 22nd August, as markets evaluated economic indicators and broader market sentiment. Attention remained on recent inflation data, which indicated a slight decrease in prices. This Consumer Price Index (CPI) data continued to influence market sentiment toward the GBP.

Focus turned to the upcoming release of the UK Services Purchasing Managers’ Index (PMI) figures, which provides insights into the health of the services sector and impacted the GBP’s direction.

EUR (Euro): The Euro (EUR) experienced fluctuations on 22nd August, as traders continued to analyze economic indicators and their implications for the European Central Bank’s (ECB) future policy decisions. The upcoming release of Purchasing Managers’ Index (PMI) figures for the eurozone will help to provided insights into the performance of the manufacturing sector.

USD (United States Dollar): The United States Dollar (USD) demonstrated mixed performance on 22nd August, as traders assessed economic data releases and global developments. Attention remained on the recently released Retail Sales figures, which indicated a modest increase in consumer spending.

Markets also looked ahead to the release of Services and manufacturing PMI figures for the US, which will provide insights into the health of the these sector.

Key Data Releases:

  • Consumer Price Index (CPI) Data (GBP): Attention remained on recent inflation data, which indicated a slight decrease in prices. This CPI data continued to shape market sentiment toward the GBP.
  • Services Purchasing Managers’ Index (PMI) Data (GBP): Focus turned to the upcoming release of the UK Services PMI figures, which provide insights into the health of the services sector and impact the GBP’s direction.
  • Services PMI Data (EUR): Attention shifted to the upcoming release of Services PMI figures for the eurozone, offering insights into the health of the services sector.
  • Services PMI Data (USD): Markets looked ahead to the release of Services PMI figures for the US, which could provide insights into the health of the services sector.

In conclusion, the currencies exhibited varied performance on 22nd August 2023. The GBP’s movements were influenced by inflation data and the upcoming release of Services PMI figures, the EUR experienced fluctuations as markets analyzed economic indicators, and the USD demonstrated mixed performance ahead of Services PMI data releases.

*All rates shown are indicative of interbank rates and should only be used for indication purposes only. It is important to note that foreign exchange rates fluctuate and that rates may vary depending on the amount and the base currency that is purchased or sold. Rates are correct as of 8:00am UK time. CentralFX are not responsible for the rates shown.