10th August 2017- North Korean tensions continue to create demand for defensive assets

 

     

North Korean tensions continue to create demand for defensive assets

Risk conditions dominated on Wednesday with unease surrounding the North Korean situation having an important impact in boosting demand for defensive assets and little in the way of economic data releases.

The yen gained support, although the biggest gainer was the Swiss franc while gold also moved sharply higher. The dollar overall was mixed as it made some ground against European currencies. Commodity currencies maintained a generally weaker tone.

US equities were able to recover ground during the session, which helped stabilised risk, although caution continued to prevail as aggressive rhetoric from North Korea continued.

UK Brexit Secretary Davis took a generally optimistic tone surrounding the EU negotiations, although he did admit that talks were tough.

Overall, GBP/USD fluctuated around the 1.3000 area during the day as dollar trends dominated while GBP/EUR settled around 1.1050 after recovering from lows around 1.0999.

The RICS house-price index weakened to 1% from 8% and the weakest reading for over 3 years, maintaining expectations over a weaker housing sector and overall confidence in the UK outlook remained weak.

GBP/USD retreated to near 1.2975 on Thursday, as sentiment remained weaker ahead of the UK data releases.

     
 
       
 

GBP/EUR 

– 1.1059

 
 

GBP/USD 

– 1.2982

 
 

GBP/CHF 

– 1.2540

 
 

GBP/JPY 

– 142.77

 
 

GBP/AUD 

– 1.6470

 
 

GBP/NZD 

– 1.7840

 
 

GBP/CAD 

– 1.6513

 
 

GBP/ZAR 

– 17.4608

 
 

GBP/NOK 

– 10.3177

 
 

GBP/SEK 

– 10.6212

 
 

EUR/USD 

– 1.1739

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR 

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK Manufacturing Production 

0.70%

0.40%

 
   

09:30 GBP

UK Trade Balance

-10.90B

-11.86B

 
   

13:00 GBP

UK NIESR GDP Estimate

0.30%

-1.5M

 
   

13:30 USD

US PPI 

-

2.00%

 
 
   
 
 
*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.
 
 
 

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