7th December 2017 -Sterling under fresh selling pressure in Europe with unconvincing government rhetoric

 
     

Sterling under fresh selling pressure in Europe with unconvincing government rhetoric

The dollar made net gains during Wednesday with some optimism surrounding 2018 growth prospects amid hopes for a boost from tax reform. The US currency also gained backing from a gradual drift lower in other majors as overall yield spreads supported the US currency.

Risk conditions were still relatively fragile, although gold was unable to gain sustained support and dipped to 4-month lows on Thursday with silver also under pressure. Oil prices also declined sharply on the day.

A relatively cautious stance in the Bank of Canada monetary policy statement undermined the Canadian dollar with lower oil prices also having a significant impact as USD/CAD moved above the 1.2800 level.

Sterling came under fresh selling pressure in Europe on Wednesday with unconvincing government rhetoric and admission of a lack of impact assessments undermining confidence surrounding longer-term Brexit negotiations. GBP/USD declined to lows around 1.3360 with GBP/EUR holding above 1.1300 area.

Overall sentiment gradually recovered amid hopes for some headway in negotiations with the Ulster Democratic Unionist Party. Although no specific proposals were announced, there were reports that fresh proposals would be put forward within the next 24 hours.

     
 
       
 

GBP/EUR 

– 1.1334

 
 

GBP/USD

– 1.3372

 
 

GBP/CHF 

– 1.3246

 
 

GBP/JPY 

– 150.53

 
 

GBP/AUD 

– 1.7744

 
 

GBP/NZD 

– 1.9539

 
 

GBP/CAD

– 1.7133

 
 

GBP/ZAR 

– 18.1277

 
 

GBP/NOK 

– 11.0891

 
 

GBP/SEK 

– 11.2842

 
 

EUR/USD 

– 1.1793

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

10:00 EUR

Euro-Zone GDP (Y/Y)

2.50%

2.50%

 
   

10:00 EUR

Euro-Zone GDP (Q/Q)

0.60%

0.60%

 
   

16:00 EUR

ECB President Mario Draghi's Speech

-

-

 
   

13:30 USD

Fed member Dudley Speaks 

-

-

 
 
   
 
 
*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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