9th March 2018- The announcement of potential talks between US and North Korea underpinned risk conditions

 

     

The announcement of potential talks between US and North Korea underpinned risk conditions

The ECB removed its policy easing bias at Thursday’s council meeting, but a relatively dovish stance on inflation triggered a Euro reversal as the currency registered significant losses across the board.

President Trump’s announcement that Canada and Mexico would be exempt from steel import tariffs supported risk conditions with gains for global equity markets and also boosted the Canadian dollar. 

The announcement of potential talks between the US and North Korea also underpinned risk conditions with the Swiss franc and yen losing ground as the Bank of Japan left monetary policy on hold.

Brexit tensions remained a significant feature with Trade Minister Fox criticising any idea of punishing the UK for leaving the EU. There were concerns that failure to agree a transition deal at the March Summit would undermine the potential for a Bank of England interest rate increase at the May meeting, especially with reports that the UK government did not see a Brexit deal being reached until next year.

Global risk appetite improved slightly and President Trump’s apparent focus on US-China trade issues eased fears over a negative impact on the UK economy.

GBP/EUR rallied from support at 1.1150 before stabilising around 1.1200. GBP/USD again failed to break above the 1.3900 resistance area and dipped to test support below 1.3800 as the US currency gained ground against European currencies.

     
 
       
 

GBP/EUR 

– 1.1218

 
 

GBP/USD

– 1.3815

 
 

GBP/CHF 

– 1.3145

 
 

GBP/JPY 

– 147.41

 
 

GBP/AUD 

– 1.7718

 
 

GBP/NZD 

– 1.8986

 
 

GBP/CAD

– 1.7813

 
 

GBP/ZAR 

– 16.4564

 
 

GBP/NOK 

– 10.7833

 
 

GBP/SEK 

– 11.4101

 
 

EUR/USD 

– 1.2312

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

07:00 GBP

German Trade Balance

21.0B

21.4B

 
   

09:30 GBP

UK Trade Balance

-12.20B

-13.58B

 
   

13:30 USD

United States Unemployment Rate(M/M)

-

4.10%

 
   

13:30 USD

US Non-farm Payrolls (M/M)

180K

200K

 
 
   
 
 
*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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