10th October 2017-Sterling corrected higher on Monday with a technical correction from over-sold conditions

     

Sterling corrected higher on Monday with a technical correction from over-sold conditions

With no significant US developments, the Euro was able to make some headway with relatively hawkish ECB rhetoric, although narrow ranges tended to dominate with a partial US holiday.

Sterling continued to recover ground with the main impetus from a technical correction after sharp losses last week, although immediate political fears eased slightly.

There were mixed trends for defensive assets as gold continued to recover ground while the yen was broadly unchanged and the Swiss franc lost ground.

Sterling corrected sharply higher in European trading on Monday with a technical correction from over-sold conditions amplified by reduced speculation of an immediate challenge to Prime Minister May.

The Office for National Statistics (ONS) corrected second-quarter unit labour costs data to show an increase of 2.4% from the 1.6% stated previously. Given that the Bank of England is monitoring wage inflation closely, the data increased speculation that the central bank would raise interest rates in November. GBP/EUR continues to hold around the 1.1200.

As Brexit talks resumed, the Prime Minister called for a unique and ambitious economic partnership with the EU after Brexit, but there was no evidence of significant headway amid further talk of no deal.

Reports that May had called a 2-year transition period ‘assured’ limited the potential for significant Sterling losses with a BRC annual like-for-like retail sales increase of 1.9% from 1.3% previously offering some support with GBP/USD above 1.3150 on Tuesday.

     
 
       
 

GBP/EUR 

– 1.1178

 
 

GBP/USD

– 1.3172

 
 

GBP/CHF 

– 1.2280

 
 

GBP/JPY 

– 148.22

 
 

GBP/AUD 

– 1.6898

 
 

GBP/NZD 

– 1.8624

 
 

GBP/CAD 

– 1.6480

 
 

GBP/ZAR 

– 18.1091

 
 

GBP/NOK 

– 10.5038

 
 

GBP/SEK 

– 10.6612

 
 

EUR/USD 

– 1.1780

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK Manufacturing Production (Y/Y)

1.70%

1.90%

 
   

09:30 GBP

UK Industrial Production (Y/Y)

0.40%

0.40%

 
   

09:30 GBP

UK Trade Balance

-11.95B

-11.58B

 
   

13:30 CAD

Canadian Building Permits (M/M)

-

-3.50%

 
 
   
 
 
*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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