11th October 2017-The dollar was undermined by doubts whether President Trump would push through tax reform

 

     

The dollar was undermined by doubts whether President Trump would push through tax reform

The dollar was undermined by doubts whether President Trump would be able to push through tax reform given potential opposition within the Republican Party as US yields also drifted slightly lower.

The Catalan government pulled back from an immediate move to declare unilateral independence which provided net Euro support as EUR/USD moved above the 1.1800 level.

Oil prices moved higher on global demand hopes while demand for defensive assets tended to fade later in the day as overall risk conditions held firm.

UK industrial production rose 0.2% for August which was in line with consensus expectations while the manufacturing data was slightly stronger than expected with a 0.4% monthly gain. This gain pushed the annual increase to 2.8% from an upwardly-revised 2.7% as the ONS made substantial revisions to previous data. The beneficial Sterling impact was offset by a much wider than expected trade deficit for the month at a record £14.2bn.

The NIESR estimated GDP growth of 0.4% in the 3 months to September from an upwardly-revised 0.5% the previous month. A downbeat Office of Budget Responsibility (OBR) report on weaker than expected productivity growth had some negative impact on the UK currency.

There was further speculation surrounding UK political tensions and Brexit talks, although no major negative developments which provided some Sterling protection.

A weaker US currency allowed GBP/USD to test resistance above 1.3200 while GBP/EUR edged lower to around 1.1150.

     
 
       
 

GBP/EUR 

– 1.1154

 
 

GBP/USD

– 1.3192

 
 

GBP/CHF 

– 1.2860

 
 

GBP/JPY 

– 148.23

 
 

GBP/AUD 

– 1.6946

 
 

GBP/NZD 

– 1.8661

 
 

GBP/CAD 

– 1.6507

 
 

GBP/ZAR 

– 17.9962

 
 

GBP/NOK 

– 10.4704

 
 

GBP/SEK 

– 10.6342

 
 

EUR/USD 

– 1.1820

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

01:00 USD

FOMC Robert Kaplan Speech

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12:15 USD

Fed President Evans Speaks

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19:40 USD

FOMC member John C. Williams speech

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19:50 EUR

ECB Praet Speech

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*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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