A series of events are coming up in 2022 that could impact the currency markets. Make sure to watch out for these key dates.
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Bank of England meetings
The first Bank of England monetary policy meeting this year will take place on February 3. This will be followed by meetings on 17 March, 5 May, 16 June, 4 August, 15 September, 3 November and 15 December.
The Bank of England hiked interest rates back in December and the markets will be watching closely for further restrictions throughout the year. Another decision to raise the interest rate could be beneficial for the pound, but equally, if officials decide to keep rates the same, sterling could weaken.
French Presidential election – April 10
The first round of the French Presidential election will take place in April and the built up to this, as well as the event itself, could impact the euro. Macron is the favourite so far and he has maintained a strong lead in the opinion polls for months.
However, France’s elections are historically volatile and unexpected outcomes could occur. Far-right politicians Marine Le Pen and Eric Zemmour, as well as conservative Valérie Pécresse, could do well.
UK local elections – May 5
The political unrest that’s taking place in the UK at the moment could make for an interesting round of local elections in May. These will include elections for all London borough councils, and for all local authorities in Wales and Scotland. Any overwhelming or unexpected outcomes could impact sterling.
Further Brexit border rules introduced – July 1
The beginning of 2022 has already seen Brexit rules tighten, which could result in further supply chain chaos. In July, these rules will be ramped up even further. As well as full customs declarations and controls being introduced in January, Safety and Security Declarations will also be needed from July. If delays increase and economic recovery is impacted, sterling could respond to this.
United States midterm elections – November 8
Midterm elections are held near the midpoint of a president’s four-year term of office. 36 governors are elected and historically, often the President’s party lose seats in Congress. During the 2018 midterms, the Democrats gained a majority in the House of Representatives and the elections resulted in the first Congress controlled by the Democrats since 1984. This event caused the dollar to weaken, as traders turned away from safe-haven currencies. Currently, the Democrats are slightly behind in the national House polling.