10th August 2018-Sterling gained some relief against the Euro amid Brexit-inspired volatility

 
     

Sterling gained some relief against the Euro amid Brexit-inspired volatility

The dollar surged in late Asian trading on Friday with net support from losses in emerging markets. The dollar index strengthened sharply to 13-month highs with a EUR/USD slide below 1.1500 triggering aggressive stops amid further heavy losses for the Turkish lira.

Sterling gained some relief against the Euro amid Brexit-inspired volatility, although GBP/USD declined to fresh 11-month lows on wider US strength.

Emerging-market stresses undermined commodity currencies while equities registered net losses as trade tensions also persisted.

German and US bonds secured defensive support while oil was undermined by dollar strength. Gold losses on dollar strength were limited by increased defensive demand.

Sterling was subjected to further selling in Europe on Thursday with Brexit concerns still the dominant factor. GBP/EUR extended losses around 1.1100 while GBP/USD declined to fresh 11-month lows below 1.2850.

Sentiment improved slightly ahead of the New York open with some reports that the EU countries were proposing major concessions into order to offer UK single-market membership without freedom of movement. The reports triggered an element of short covering, although overall sentiment remained extremely fragile as dollar strength then dominated.

GBP/USD pushed back above 1.2900 before reversing on US gains while GBP/EUR retreated back above 1.1150. Out-going Bank of England MPC member McCafferty stated that wages growth could reach 4% next year which would imply the need for further interest rate increases, although there was little Sterling impact. Dollar strength dominated on Friday with fresh 11-month.

     
 
       
 

GBP/EUR 

– 1.1168

 
 

GBP/USD

– 1.2788

 
 

GBP/CHF 

– 1.2750

 
 

GBP/JPY 

– 141.88

 
 

GBP/AUD 

– 1.7522

 
 

GBP/NZD 

– 1.9426

 
 

GBPCAD

– 1.6743

 
 

GBP/ZAR 

– 17.7551

 
 

GBP/NOK 

– 10.6812

 
 

GBP/SEK 

– 11.5883

 
 

EUR/USD 

– 1.1449

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

United Kingdom GDP (Q/Q)

-

0.20%

 
   

09:30 GBP

United Kingdom GDP (Y/Y)

1.40%

1.20%

 
   

13:30 GBP

NIESR GDP Estimate

-

0.40%

 
   

13:30 USD

US CPI (Y/Y)

-

2.90%

 
 
   
 
 
*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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