11th January 2018 - GBP/USD recovered from levels below 1.3500 as the dollar came under pressure

 

     

GBP/USD recovered from levels below 1.3500 as the dollar came under pressure

Ahead of Wednesday’s US open, Chinese officials were reported as stating that US Treasuries were unattractive at current levels. The remarks triggered a sharp sell-off in US bonds and the dollar also spiked weaker across the board.

US Treasuries reversed losses and the dollar recovered following suggestions from China that the report was inaccurate with EUR/USD also undermined by the inability unable to hold the 1.2000 level.

Oil prices maintained a strong tone, but there was a more cautious tone surrounding global equities with most bourses edging lower on wider pressure for a correction.

UK industrial production rose 0.4% in November which was in line with consensus forecast with manufacturing output also rising 0.4% on the month to give annual growth of 3.5%. There was, however, a wider than expected trade deficit for the month which maintained concerns surrounding underlying Sterling vulnerability.

The NIESR estimated that GDP growth increased 0.6% for the fourth quarter of 2017 compared with expectations of 0.5% growth.

Overall yield spreads limited support for the UK currency despite positive growth data. GBP/USD recovered from levels below 1.3500 as the dollar came under pressure, although it still registered net losses for the day and dipped back below 1.3500 on Thursday while GBP/EUR held around 1.1300.

     
 
       
 

GBP/EUR 

– 1.1293

 
 

GBP/USD

– 1.3479

 
 

GBP/CHF 

– 1.3227

 
 

GBP/JPY 

– 150.70

 
 

GBP/AUD 

– 1.7131

 
 

GBP/NZD 

– 1.8725

 
 

GBP/CAD

– 1.6927

 
 

GBP/ZAR 

– 16.7929

 
 

GBP/NOK 

– 10.8773

 
 

GBP/SEK 

– 11.0474

 
 

EUR/USD 

– 1.1933

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

10:00 EUR

Euro-Zone Industrial Production (Y/Y)

3.50%

3.70%

 
   

12:30 EUR

ECB Monetary Policy Meeting Accounts

-

-

 
   

13:30 USD

USD PPI (Y/Y)

3.10%

3.10%

 
   

19:00 USD

Monthly Budget Statement

-134.0B

-139.0B

 
 
   
 
 
*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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