11th June 2018-Overall global risk conditions held steady on Monday despite trade concerns

 

     

Overall global risk conditions held steady on Monday despite trade concerns

Overall global risk conditions held steady on Monday despite trade concerns with both the yen and Swiss franc losing ground while US and German yields moved higher and equity markets overall were resilient.

The Euro gained net relief after reassurance from the Italian Finance Minister and speculation over a hawkish ECB tone this week as the dollar index registered net losses.

The Canadian dollar continued to demonstrate high volatility on data and trade developments with aggressive President Trump rhetoric against Canadian Premier Trudeau triggering net losses.

Political factors continued to have an important impact on Friday and generally had a negative Sterling impact as Brexit speculation persisted. EU Chief Negotiator Barnier stated that the latest UK backstop proposal raised more questions than answers and there was still much to negotiate.

There was also some disappointment that the UK government’s Brexit White Paper would not be released ahead of the late-June EU Summit, maintaining fears over the lack of progress while Prime Minister May’s position remained extremely vulnerable due to internal party divisions.

Sterling lost ground, although there was GBP/USD support below 1.3400 while EUR/GBP hit resistance close to 0.8800.

The UK inflation, labour-market and retail sales releases will be important this week given the potential impact on interest rate expectations. Political factors will also be important given that the UK government faces key Brexit votes in parliament. GBP/USD edged stronger on Monday, but GBP/EUR again tested the 1.1360 area.

     
 
       
 

GBP/EUR 

– 1.1365

 
 

GBP/USD

– 1.3405

 
 

GBP/CHF 

–  1.3213

 
 

GBP/JPY 

– 147.15

 
 

GBP/AUD 

– 1.7629

 
 

GBP/NZD 

– 1.9041

 
 

GBPCAD

– 1.7394

 
 

GBP/ZAR 

– 17.5328

 
 

GBP/NOK 

– 10.7828

 
 

GBP/SEK 

– 11.6634

 
 

EUR/USD 

– 1.1793

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK Industrial Production (Y/Y)

3.10%

2.90%

 
   

09:30 GBP

UK Manufacturing Production (Y/Y)

2.90%

2.90%

 
   

09:30 GBP

UK Trade Balance

-11.35B

-12.29B

 
   

13:00 GBP

UK NIESR GDP Estimate

-

0.10%

 
 
   
 
 
*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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