by Orbis Exchange

Keep informed with the latest GBP, EUR and USD Analysis of the week with the Market Report from Orbis Exchange Group (22:05:23 - 26:05:23)

Market Report 22/05/23 - 26/05/23

Key Points

  • CPI Data released in the UK
  • HCOB Composite PMI released for the Eurozone
  • GDP Figures released in the US


Unemployment data was released last week, this saw a small growth in the unemployment rate by 0.1%, at the end of last week we saw Rishi Sunak attend the G7 summit, where he announced new sanctions targeted towards Russian exports, also announced that British Missiles were used in Ukraine. This week we have CIPS Composite PMI, this measures the Manufacturing and Services Sectors, and a score is given, if we see a rise in result showing expansion, this could have a positive effect on the Pound. We also have the Inflation data being released this week, should we see a drop in the inflation then then this could have a negative effect on the pound as it leads to lesser rate hikes from the BoE in the future, but if we see a rise in inflation then this could be seen as a bullish result for the GBP.


Last week we had GDP figures released in the Eurozone, this didn’t see any change from the previous results, we also had inflation data released last week, we also had no change in these figures. With no data being there to boost the Euro against its competitors, we saw drops against both the GBP and the USD. this week we have the Hamburg Commercial Bank (HCOB) Composite PMI, a drop is expected in the result, if this is the case, then this could have a negative effect on the Euro, but if we see a rise signalling expansion in the measured industries then this could have a positive effect on EUR quotes.


Last week we had retail sales figures released, this showed a growth of over 1% but still did not beat the consensus as it had expected an even better result. We have seen further advances in the war in Ukraine. Russia has increased the number of missiles they have been sending to Ukraine, but at the same time Ukraine is shooting down more Missiles. Advances like this are always a boost to the USD as it is seen as a Safe Haven currency for investors. This week we have GDP figures being released, if we see a rise in the result then this could have a bullish effect on the Dollar, but a drop in the result could have a bearish effect on the Dollar. We also have the Durable goods order at the backend of this week, if we see a rise in the number of orders then this could have a positive effect on the USD, but if we see a drop as expected, then this could negatively affect the Dollar.