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The market action yesterday was marked by sluggish trading conditions across all of the key asset groups.

Money News Overview Wednesday 24th July: Pound trading at its highest level since August 2022 against the euro

The market action yesterday was marked by sluggish trading conditions across all of the key asset groups.

Since the beginning of the year, the pound has gained roughly 1.5 percent, beating all of its Group-of-10 counterparts against the dollar.

Against the euro, the pound is trading at its highest level since August 2022.

The primary European data release yesterday was the EC’s flash measurement of Eurozone consumer confidence for July. The indicator came in slightly ahead of expectations, marking the sixth consecutive month of mood strengthening against a backdrop of rising real incomes.

The main US data highlight was existing home sales for June, which disappointed compared to expectations.

However, from a currency market standpoint, the macro news flow had no significant impact. Indeed, many of the majors remained in narrow ranges overnight, as they had yesterday.

In other currency news, the dollar has risen marginally against the euro and pound over the last day. 

For additional insights on how this could affect your business or to capitalise on market volatility – please reach out to speak to one of our experts.