5th July 2018-Market conditions were inevitably subdued on Wednesday given the US Independence Day holiday

 

     

Market conditions were inevitably subdued on Wednesday given the US Independence Day holiday

Market conditions were inevitably subdued on Wednesday given the US Independence Day holiday. Yuan trading was slightly calmer, although Chinese equities continued to lose ground on Thursday which maintained a fragile tone surrounding risk appetite.

The Euro gained ground amid reports that some ECB members were looking to push for an earlier increase in interest rates.

Sterling advanced after a stronger than expected PMI services report as expectations surrounding an August rate hike increased slightly.

Gold retreated from its best levels while oil registered net losses despite Iranian concerns.

The June UK PMI services index strengthened to an 8-month high of 55.1 from 54.0 previously and above consensus forecasts of 54.0. New business strengthened at the fastest pace since May 2017 and order backlogs increased at the fastest pace for close to three years. There was also a strong increase in cost burdens with service charges rose at the fastest pace for 3 months. According to Markit, second-quarter GDP growth is likely to be 0.4%, in line with Bank of England forecasts.

The PMI data should underpin the case for an August interest rate hike, especially given increased cost pressures and UK yields edged higher which supported Sterling. Markets will be on alert for comments by Bank of England Governor Carney on Thursday, although he may be cautious given criticism of his inconsistency surrounding a potential May rate hike.

GBP/USD edged above 1.3200 while GBP/EUR held around 1.1300 before correcting slightly. Political considerations will also be important with the important UK Cabinet meeting on Friday as the government looks to find a unified policy on post-Brexit customs relationships.

     
 
       
 

GBP/EUR 

– 1.1318

 
 

GBP/USD

– 1.3141

 
 

GBP/CHF 

– 1.3094

 
 

GBP/JPY 

– 146.18

 
 

GBP/AUD 

– 1.7946

 
 

GBP/NZD 

– 1.9543

 
 

GBPCAD

– 1.7389

 
 

GBP/ZAR 

– 18.1524

 
 

GBP/NOK 

– 10.7201

 
 

GBP/SEK 

– 11.6093

 
 

EUR/USD 

–  1.1673

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:15 CHF

Swiss CPI (Y/Y)

0.90%

1.00%

 
   

11:00 GBP

BoE Gov Carney Speaks

-

-

 
   

12:15 EUR

German Buba President Weidmann speech

-

-

 
   

19:00 USD

FOMC Meeting Minutes

-

-

 
 
   
 
 
*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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