11th July 2018-US- China trade fears increased…and will football be coming home?

 

     

US- China trade fears increased…and will football be coming home?

Please note that Central FX will be closing today at 16:00 to allow staff to support the national team.

After a relatively calm session, trade fears increased again after Tuesday’s New York close as the US Administration announced potential tariffs on another $200bn of Chinese imports.

Equities retreated sharply and there was fresh yen demand with a decline in bond yields, although sentiment did recover from worst levels.

Sterling was subjected to further choppy trading and industrial data was disappointing, but the currency secured a slight net recovery as immediate political fears eased slightly.

Oil prices dipped lower while gold lost ground as defensive backing again failed to emerge.

May manufacturing production gains were held to 0.4% following a revised 1.3% decline previously and industrial output registered a second successive decline. New monthly GDP data recorded a 0.3% May increase, in line with consensus forecasts, to give a year-on-year increase of 1.5%. The weaker than expected industrial data reversed Sterling gains registered at the European open.

EU chief negotiator Barnier stated that he was prepared for a no-deal Brexit. There were slightly more positive comments from Irish Prime Minister Varadkar who stated that we may be entering a period when the EU can be more flexible.

The NIESR estimated second-quarter GDP growth at 0.4% and expected a figure of 0.5% for the third quarter. Growth in this region would be likely to keep the Bank of England on track for a gradual increase in interest rates.

Internal political tensions remained extremely high amid further resignations and rumours which contributed to choppy trading with Sterling securing slight net daily gains. GBP/EUR held around 1.1300, although GBP/USD was unable to break above 1.3300 and edged back towards 1.3250 amid continued choppy trading and a fresh dip in risk appetite.

     
 
       
 

GBP/EUR 

– 1.1304

 
 

GBP/USD

– 1.3259

 
 

GBP/CHF 

– 1.3153

 
 

GBP/JPY 

– 147.26

 
 

GBP/AUD 

– 1.7896

 
 

GBP/NZD 

– 1.9475

 
 

GBPCAD

– 1.7422

 
 

GBP/ZAR 

– 17.8023

 
 

GBP/NOK 

– 10.6647

 
 

GBP/SEK 

– 11.6253

 
 

EUR/USD 

– 1.1727

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

12:20 USD

OPEC Meeting

-

-

 
   

13:30 USD

US PPI (Y/Y)

3.20%

3.10%

 
   

15:00 CAD

BoC Rate Decision

0.75%

1.25%

 
   

21:30 USD

FOMC member John C. Williams speech

-

-

 
 
   
 
 
*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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