13th April 2018-UK currency gained support from stronger global risk appetite

 

     

UK currency gained support from stronger global risk appetite

Geo-political factors continued to have an important impact with immediate fears surrounding an escalation of the Syrian situation easing slightly. Equity markets gained ground and bond yields moved higher.

Oil prices were resilient and held close to 3-year highs, but gold dipped sharply as support for defensive assets faded with the yen also losing ground.

The Euro was undermined by relatively dovish ECB minutes from March’s meeting while Sterling pushed higher with the trade-weighted index at fresh 19-month highs.

The latest Bank of England credit survey indicated that lending standards for unsecured loans had been tightening considerably in the latest quarter which should continue to curb consumer spending growth.

Brexit Secretary Davis stated that virtually nothing would change for businesses during the transition period which helped underpin sentiment on hopes that investment would improve.

Sterling was boosted during the European session by a substantial buy order and there was also stop-loss Euro selling after a decisive GBP/EUR hit 1.1565 which triggered further net UK support as the Euro traded at the lowest level since June 2017.

The UK currency gained support from stronger global risk appetite, especially as oil prices were broadly resilient during the day. GBP/EUR hit new highs at 1.1565 before a slight correction while GBP/USD regained and held above 1.4200 despite a firm dollar.

     
 
       
 

GBP/EUR 

– 1.1564

 
 

GBP/USD

– 1.4253

 
 

GBP/CHF 

– 1.3735

 
 

GBP/JPY 

– 153.35

 
 

GBP/AUD 

– 1.8292

 
 

GBP/NZD 

– 1.9288

 
 

GBP/CAD

– 1.7919

 
 

GBP/ZAR 

– 16.1658

 
 

GBP/NOK 

– 11.0830

 
 

GBP/SEK 

– 12.0064

 
 

EUR/USD 

– 1.2322

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

07:00 EUR

Germany CPI (Y/Y)

1.60%

1.60%

 
   

07:00 EUR

ECB Monetary Policy Meeting Accounts

1.50%

1.50%

 
   

14:00 USD

FOMC Member J. Bullard Speaks

-

-

 
   

15:00 USD

Michigan Consumer Sentiment

101

101.4

 
 
   
 
 
*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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