12th January 2018 - Brexit uncertainty a significant focus as former UKIP leader Farage floated the possibility of a second referendum

 

     

Brexit uncertainty a significant focus as former UKIP leader Farage floated the possibility of a second referendum

ECB minutes indicated that forward guidance would be re-visited early in 2018. The rhetoric was seen as relatively hawkish and tended to reinforced market expectations of a stronger Euro which amplified the market impact.

The Euro strengthened sharply after the data as the dollar remained on the defensive. Euro-zone bond yields moved higher on the day while US yields were little changed after subdued data.


Oil prices pushed to fresh 3-year highs with Brent touching the $70.0 p/b level before being hit by a sharp correction while US equities hit fresh record highs.

Sterling was initially unsettled by concerns surrounding weak demand in the retail sector. The Bank of England credit conditions survey reported generally weak loan demand while there were tighter underwriting standards on unsecured debt applications.

Brexit uncertainty remained a significant focus as former UKIP leader Farage floated the possibility of a second referendum, although the government rejected such a possibility.

GBP/USD dipped to lows just above 1.3450 before reversing course with highs near 1.3550 as the dollar came under renewed pressure. GBP/EUR moved to 1.1225.

     
 
       
 

GBP/EUR 

– 1.1228

 
 

GBP/USD

– 1.3551

 
 

GBP/CHF 

– 1.3215

 
 

GBP/JPY 

– 150.89

 
 

GBP/AUD 

– 1.7199

 
 

GBP/NZD 

– 1.8695

 
 

GBP/CAD

– 1.6996

 
 

GBP/ZAR 

– 16.8517

 
 

GBP/NOK 

– 10.8425

 
 

GBP/SEK 

– 10.9890

 
 

EUR/USD 

– 1.2066

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

13:30 USD

USD CPI (Y/Y)

2.20%

2.20%

 
   

13:30 USD

USD CPI Ex Food & Energy (Y/Y)

1.80%

1.70%

 
   

13:30 USD

USD Advance Retail Sales (M/M)

0.50%

0.80%

 
   

13:30 USD

USD Core Retail Sales (M/M)

0.50%

1.00%

 
 
   
 
 
*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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