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23rd April 2018-Rhetoric suggests that Saunders will back a May rate increase, although the market remained less convinced

 

     

Rhetoric suggests that Saunders will back a May rate increase, although the market remained less convinced

US bond yields moved higher on Friday and the trend continued on Monday with the 10-year yield advancing to 4-year highs around 2.98% as markets fretted over inflation risks. The crucial 3.0% level was a key focus as German yields also moved higher.

Higher bond yields underpinned the dollar with the currency index at 2-week highs while there was net downward pressure on global equity markets and a retreat in precious metals.

Oil prices were resilient, but commodity currencies came under further selling pressure with AUD/USD close to 2018 lows.

Bank of England external MPC member Saunders stated that the UK economy no longer needs as much stimulus as before due to little economic slack and rising cost pressures with inflation pressures shifting to the domestic front. He declined to comment on the market re-pricing following Carney’s comments on Thursday and also stated that interest rate increases would be gradual. The rhetoric continued to suggest that Saunders would back a May rate increase, although the market remained less convinced that a majority would support back his view.

Futures markets indicated that the chances of a May hike had dipped to just below 50% from around 80% earlier in the week.

Sterling remained under pressure ahead of the New York open and GBP/USD dipped to 2-week lows near the key 1.4000 support level before finding some support while GBP/EUR settled just above 1.1370.

CFTC data recorded the highest long net long Sterling position for over three years, reinforcing the potential for liquidation on the adjustment in yield expectations. GBP/USD held just above 1.4000 on Monday amid renewed Brexit uncertainties and a debate whether the UK would stay in the customs union.

     
 
       
 

GBP/EUR 

– 1.1404

 
 

GBP/USD

– 1.3991

 
 

GBP/CHF 

– 1.3652

 
 

GBP/JPY 

– 150.94

 
 

GBP/AUD 

– 1.8280

 
 

GBP/NZD 

– 1.9444

 
 

GBP/CAD

– 1.7866

 
 

GBP/ZAR 

– 17.1159

 
 

GBP/NOK 

– 10.9687

 
 

GBP/SEK 

– 11.8497

 
 

EUR/USD 

– 1.2265

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:30 EUR

German PMI Composite

57

55.1

 
   

09:00 EUR

Euro-Zone PMI Composite

56.7

55.2

 
   

14:45 USD

US Markit PMI Composite

55.3

54.2

 
   

20:30 CAD

BoC Gov Poloz Speaks

-

-

 
 
   
 
 
*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.
 
 
 

20th April 2018-Sterling under renewed selling pressure, weak retail sales data amplified by cautious remarks by Bank of England Governor Carney

 

     

Sterling under renewed selling pressure, weak retail sales data amplified by cautious remarks by Bank of England Governor Carney.

US and global bond yields moved higher during Thursday amid concerns over higher US inflation and a dip in defensive demand. Higher yields underpinned the dollar overall, although EUR/USD remained trapped in narrow ranges.

Defensive currencies lost ground as the yen and gold retreated, although the Swiss franc was the main focus as EUR/CHF continued to test the key 1.2000 level.

Oil prices corrected sharply lower while commodity currencies also lost ground due in part to a firm US dollar.

Sterling came under renewed selling pressure with the impact of the weak retail sales data amplified by cautious remarks by Bank of England Governor Carney.

The latest UK retail sales data recorded a larger than expected volume decline of 1.2% for March compared with an expected decline of 0.5%. Although there was an upward revision to February’s data, the annual increase was held to 1.1% from 1.5% previously and first-quarter sales were the weakest since the first quarter of 2017 which will have an impact on first-quarter GDP data.

Sterling dipped lower following the data, although there was a relatively quick recovery given that markets had priced in a weak release.

After the European close, Bank of England Carny stated that the market should be prepared for a few interest rate increases over the next few years. He also commented that there had been mixed economic data and that he did not want to get too focussed on the precise timing of a rate hike while there were other meetings this year. The remarks were perceived to be more dovish than previously with serious doubts whether there would be a rate increase at the May policy meeting.

Sterling was subjected to another round of sharp selling with a GBP/USD dip below 1.4100 while GBP/EUR fell to 1.1400.   Sterling remained under pressure on Friday with reports of disagreement between the UK and EU over the Irish border issue also undermining sentiment as GBP/USD dipped towards 1.4050.

     
 
       
 

GBP/EUR 

– 1.1392

 
 

GBP/USD

– 1.4070

 
 

GBP/CHF 

– 1.3671

 
 

GBP/JPY 

– 151.23

 
 

GBP/AUD 

– 1.8231

 
 

GBP/NZD 

– 1.9427

 
 

GBP/CAD

– 1.7816

 
 

GBP/ZAR 

– 16.8440

 
 

GBP/NOK 

– 11.9568

 
 

GBP/SEK 

– 11.8263

 
 

EUR/USD 

– 1.2347

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

07:00 EUR

German PPI (Y/Y)

2.00%

1.80%

 
   

13:30 CAD

UK Retail Sales (M/M)

2.00%

2.20%

 
   

13:00 CAD

Bank of Canada Core CPI (Y/Y)

-

1.50%

 
   

16:15 USD

FOMC member John C. Williams speech

-

-

 
 
   
 
 
*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.
 
 
 

19th April 2018-Sterling retreated sharply as weaker than expected inflation data triggered fresh doubts surrounding a May interest rate hike

 
     

Sterling retreated sharply as weaker than expected inflation data triggered fresh doubts surrounding a May interest rate hike

Oil prices made strong gains during Wednesday amid expectations of a hawkish Saudi Arabian stance and strong demand with global benchmarks at the highest levels since November 2014.

Sterling retreated sharply as weaker than expected inflation data triggered fresh doubts surrounding a May interest rate hike while a cautious Bank of Canada tone pushed the Canadian dollar weaker.

The US dollar also gained some wider support from higher bond yields and expectations of further rate hikes, although overall gains were still limited as the Euro remained resilient.

UK consumer prices rose 0.1% for March with the year-on-year increase declining to 2.5% from 2.7% previously. The annual rate was below consensus forecasts of 2.7% and the lowest reading for 12 months. The core rate also declined to 2.3% from 2.4% previously while there was a slightly stronger than expected release for output prices.

There were some exceptional factors as there were no increases in duty rates given the main government budget release is now in the Autumn. Nevertheless, there was a sharp market reaction as UK yields fell sharply and Sterling dipped sharply with markets less confident that the Bank of England would raise interest rates at next month’s policy meeting. GBP/USD dipped below 1.4200 as GBP/EUR moved lower towards 1.1460.

Strong oil prices and a firm equity-market tone helped protect Sterling from further selling pressure, although there were still significant net losses with markets braced for a weak retail sales report on Thursday as GBP/USD traded around 1.42.

 

     
 
       
 

GBP/EUR 

– 1.1466

 
 

GBP/USD

– 1.4195

 
 

GBP/CHF 

– 1.3745

 
 

GBP/JPY 

– 152.40

 
 

GBP/AUD 

– 1.8207

 
 

GBP/NZD 

– 1.9388

 
 

GBP/CAD

– 1.7918

 
 

GBP/ZAR 

– 16.6950

 
 

GBP/NOK 

– 11.0198

 
 

GBP/SEK 

– 11.9292

 
 

EUR/USD 

– 1.2379

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK Retail Sales (Y/Y)

2.00%

1.50%

 
   

09:30 GBP

UK Retail Sales (M/M)

-0.50%

0.80%

 
   

13:00 USD

FOMC Brainard Speaks

-

-

 
   

13:30 USD

US Initial Jobless Claims

-

233K

 
 
   
 
 
*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.
 
 
 

18th April 2018-Markets remained confident that interest rates would be increased at the May Bank of England

 

     

Markets remained confident that interest rates would be increased at the May Bank of England

The Euro lost ground amid further doubts surrounding the economic outlook, although the dollar was unable to take full advantage even with solid US economic data and expectations of further rate increases.

There was an underlying erosion of support for defensive assets as risk appetite held firm and the China cut reserve requirements. The yen and gold losing ground while the Swiss franc registered more substantial losses while oil prices regained ground.

S
terling was hit by a correction after slightly weaker than expected average earnings data, although overall sentiment held firm.

The UK unemployment claimant count increased 11,600 for March following a revised 15,100 increase the previous month, although the unemployment rate declined to a fresh 42-year low of 4.2% from 4.3% previously. The main focus was on average earnings with the annual rate unchanged at 2.8% in the three months to January compared with expectations of a further strengthening to 3.0%. The underlying figure increased to 2.8% from 2.6% with a marginal increase in real earnings.

Markets remained confident that interest rates would be increased at the May Bank of England policy meeting, although longer-term expectations were scaled back fractionally.

UK yields retreated as gilts gained ground and Sterling retreated despite a firm tone surrounding global risk appetite. From 21-month highs around 1.4375, GBP/USD retreated back below 1.4300 while GBP/EUR dropped back to the 1.1540 area from 10-month lows around 1.1599.  Sterling recovered some ground on Wednesday ahead of the latest inflation data with GBP/USD back above 1.4300.

     
 
       
 

GBP/EUR 

– 1.1561

 
 

GBP/USD

– 1.4284

 
 

GBP/CHF 

– 1.3842

 
 

GBP/JPY 

– 153.40

 
 

GBP/AUD 

– 1.8433

 
 

GBP/NZD 

– 1.9533

 
 

GBP/CAD

– 1.7988

 
 

GBP/ZAR 

– 17.2059

 
 

GBP/NOK 

– 11.1037

 
 

GBP/SEK 

– 12.0223

 
 

EUR/USD 

– 1.2354

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK CPI (Y/Y)

2.70%

2.70%

 
   

09:30 GBP

UK PPI Core Output (Y/Y)

2.2

2.4

 
   

10:00 EUR

Euro-Zone Core CPI (Y/Y)

1.00%

1.00%

 
   

19:00 USD

Federal Reserve's Beige Book

-

-

 
 
   
 
 
*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.
 
 
 

17th April 2018-Sterling continued to gain ground as relative fundamentals seen as attractive

 

     

Sterling continued to gain ground as relative fundamentals seen as attractive

President Trump’s comments on currency manipulation by China and Russia reinforced underlying trade tensions and speculation that the Administration would push for a weaker currency which undermined the dollar.

The easing of Syrian tensions underpinned risk appetite, although equity-market trends outside the US were unconvincing amid earnings doubts and reservations surrounding China. Defensive assets overall registered only limited losses.

Sterling continued to gain ground as relative fundamentals were seen as attractive while the Swiss franc remained weak.

Sterling maintained a strong tone during Monday with further solid gains on a trade-weighted basis. The UK currency continued to gain an element of support from a lack of enthusiasm for other major currencies.

UK yields also moved higher which underpinned sentiment as expectations for a May interest rate increase remained high. In this environment, the UK currency made net gains with EUR/GBP reaching 1.1590 while GBP/USD moved above 1.4300.

The latest labour-market data will be released on Tuesday with the main focus on average earnings growth and markets are expecting a further increase in the year-on-year rate to 3.0% from 2.8%.  A consensus release would reinforce expectations of a May Bank of England rate increase and Sterling held a notably firm tone with GBP/USD moved above 1.4350 and the strongest level since the June 2016 EU referendum.

     
 
       
 

GBP/EUR 

– 1.1581

 
 

GBP/USD

– 1.4357

 
 

GBP/CHF 

– 1.3772

 
 

GBP/JPY 

– 153.49

 
 

GBP/AUD 

– 1.8452

 
 

GBP/NZD 

– 1.9539

 
 

GBP/CAD

– 1.8036

 
 

GBP/ZAR 

– 17.2439

 
 

GBP/NOK 

– 11.1466

 
 

GBP/SEK 

– 12.0777

 
 

EUR/USD 

– 1.2398

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

UK Average Earning Including Bonus

2.60%

2.80%

 
   

09:30 GBP

UK Claimant Count Change(M/M)

-5.0K

9.2K

 
   

10:00 EUR

NY Empire State Manufacturing Index

-1.3

5.1

 
   

14:15 USD

FOMC member John C. Williams speech

-

-

 
 
   
 
 
*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.
 
 
 

16th April 2018-Sterling maintained a strong position on Friday with an extension to fresh 3-week highs

 

     

Sterling maintained a strong position on Friday with an extension to fresh 3-week highs

Geo-political factors remained important as the US led missile strikes on Syria over the weekend. Markets took a measured stance with net relief and no major support for defensive assets at the Asian open while oil prices corrected significantly lower.

Equity markets were unable to make only limited headway with Chinese markets under pressure after weaker than expected lending data released at the end of last week.

Major currencies were held in narrow ranges with the dollar unable to derive significant support despite a slight increase in bond yields while the yen was resilient and Sterling advanced.

Sterling maintained a strong position ahead of the New York open on Friday with an extension to fresh 3-week highs near 1.4300 for GBP/USD while GBP/EUR rose to fresh 10-month highs above 1.1590.

Sentiment remained firm on valuation grounds with expectations of a May rate hike also underpinning buying support.

High oil prices provided further net Sterling support, although risk conditions were less favourable during the New York session and Sterling was also exposed to profit taking after strong weekly gains.

Overall, there was a GBP/USD retreat to the 1.4240 area while GBP/EUR rallied to 1.1590. Key economic data releases during the week ahead will be important for Sterling sentiment. Even if there is no shift in May Bank of England expectations, the data will shape expectations for the medium-term policy outlook.

Visa reported weak retail spending for March and the weakest first quarter reading for over five years, although Sterling held steady on Monday with GBP/USD back above 1.4250.

     
 
       
 

GBP/EUR 

– 1.1553

 
 

GBP/USD

– 1.4244

 
 

GBP/CHF 

– 1.3718

 
 

GBP/JPY 

– 152.75

 
 

GBP/AUD 

– 1.8350

 
 

GBP/NZD 

– 1.9384

 
 

GBP/CAD

– 1.7972

 
 

GBP/ZAR 

– 16.2103

 
 

GBP/NOK 

– 11.0947

 
 

GBP/SEK 

– 12.0365

 
 

EUR/USD 

– 1.2328

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

13:30 USD

US Advance Retail Sales (M/M)

0.40%

-0.10%

 
   

13:30 USD

US Core Retail Sales (M/M)

0.20%

0.20%

 
   

13:30 USD

NY Empire State Manufacturing Index

18.8

22.5

 
   

17:00 USD

FOMC Robert Kaplan Speech

-

-

 
 
   
 
 
*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.
 
 
 

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.
 
 
 

11th April 2018-ECB looking to scale back balance sheet

 
     

ECB looking to scale back balance sheet.

ECB governing council member Nowotney has furthered the calls for the ECB’s scaling back of their balance sheet and claims that the new normal for monetary policy is now characterised by longer inflationary lags. He went on that a scaling back of their balance sheet and rate hikes will not necessarily go hand in hand. Nowotney has also admitted that the central bank do not have an exchange rate goal.

Following MPC member Ian McCafferty’s comments yesterday evening sterling has spiked against both the euro and USD, McCafferty has been quoted as saying the Bank of England ‘mustn’t dally over rate hikes’.

According to a CBI survey, British businesses are in favour of keeping many EU rules in place. Whilst it is believed that agriculture, shipping and tourism would benefit from new laws, many manufacturers are keen to keep our laws in line. BMW, the owner of MINI has said that it is vital for car makers to have a “seamless flow” of goods across borders. A divergence in rules would likely see the UK become less competitive on the continent and likely have a negative impact on sterling.

Cable has traded above 1.42 for only the 4th time this year due to the ongoing trade spat with China teamed with McCafferty’s comments we can expect this year’s high of 1.4260 to be tested in the coming days.

     
 
       
 

GBP/EUR 

– 1.1475

 
 

GBP/USD

– 1.4199

 
 

GBP/CHF 

– 1.3616

 
 

GBP/JPY 

– 151.93

 
 

GBP/AUD 

– 1.8328

 
 

GBP/NZD 

– 1.9286

 
 

GBP/CAD

– 1.7905

 
 

GBP/ZAR 

– 17.1017

 
 

GBP/NOK 

– 11.0460

 
 

GBP/SEK 

– 11.7863

 
 

EUR/USD 

– 1.2364

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

Manufacturing Production m/m

0.2%

0.1%

 
   

12:00 EUR

ECB President Draghi Speaks

-

-

 
   

13:30 USD

US CPI m/m

0.0%

0.2%

 
   

19:00 USD

FOMC Meeting Minutes

-

-

 
 
   
 
 
*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.
 
 
 

10th April 2018-Further Data Supports BOE May Rate Hike

 

     

Further Data Supports BOE May Rate Hike

The chances of a May rate hike from the BOE appear to have heightened after yesterday’s stronger than expected house price data with the figure coming in at 1.5% as opposed to the 0.1% expected. As a result sterling rallied against the euro and reached a 6 day high against the Dollar.

Expectations in Asia that trade frictions between the US and China appear to have been premature. The Chinese Premier Xi Jining stated that negotiations are impossible with the greenback weakening subsequently. There were glimmers of hope in Mr Xi’s speech however, in a thinly veiled swipe at President Trump he called for openness, pledged to cut import tariffs on cars and relax requirements for foreign firms investing in China.

Vito Constancio the ECB Vice-President has hinted at a wind down of quantitative easing and has suggested that the ECB will need to find a way to support failing banks during the wind down. After a run on Spanish bank Banco Popular last summer the ECB were left powerless to help and it was only the intervention of Santander buying out its smaller rival that a failure akin to Northern Rock was avoided.

Mario Draghi will also be speaking on Wednesday ahead of the ECB’s monetary policy meeting on Thursday and the subsequent press conference thereafter. With Draghi’s experience we cannot expect him to give much away and we can expect him to reiterate that the Central Bank will be patient and considered in line with Constancio’s comments yesterday.  

     
 
       
 

GBP/EUR 

– 1.1489

 
 

GBP/USD

– 1.4151

 
 

GBP/CHF 

– 1.3527

 
 

GBP/JPY 

– 151.46

 
 

GBP/AUD 

– 1.8311

 
 

GBP/NZD 

– 1.9289

 
 

GBP/CAD

– 1.7958

 
 

GBP/ZAR 

– 17.1437

 
 

GBP/NOK 

– 11.0588

 
 

GBP/SEK 

– 11.8261

 
 

EUR/USD 

– 1.2311

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

10:30 GBP

MPC Member Haldane Speaks

-

-

 
   

13:30 CAD

Building Permits M/M

-1.5%

5.6%

 
   

13:30 USD

PPI M/M

0.1%

0.2%

 
   

13:30 USD

Core PPI M/M

0.2%

0.2%

 
 
   
 
 
*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.
 
 
 

9th April 2018- Trade War Fears Ease

 
     

Trade War Fears Ease

Trade tensions between the United States and China eased over the weekend. Investors in Asia see an increased likelihood of the world’s two largest economies resolving their ongoing spat before it escalates into a full scale trade war. Consequently Asian stock markets have rallied in early morning trading and US stock index futures rebounded. An increased appetite for risk will likely see a reversal of the safe haven flows seen in last week’s trading activities.


The UK saw its strongest quarter in a decade for mergers and acquisitions, totalling £85bn. Investments have been both domestic and international. With the BOE rumoured to be hiking rates in May it is likely that firms will be looking to fast track further M&A deals in the coming months before financing becomes increasingly expensive. This data will be seen as a positive in the UK as it shows confidence in the economy despite Brexit negotiations some way from being finalised.

It is likely tensions between Putin and Trump will rear their heads once again this week after the US expelled a number of Russian diplomats. In addition Putin and his Syrian allies have been accused of yet another chemical weapons attack on a rebel held town in the ongoing conflict. France have also threatened to retaliate as President Trump tweeted that there will be a “big price to pay,” should this be found to be true. 

 

 

 

 

     
 
       
 

GBP/EUR 

– 1.1479

 
 

GBP/USD

– 1.4094

 
 

GBP/CHF 

– 1.3520

 
 

GBP/JPY 

– 150.97

 
 

GBP/AUD 

– 1.8368

 
 

GBP/NZD 

– 1.9328

 
 

GBP/CAD

– 1.8018

 
 

GBP/ZAR 

– 16.9316

 
 

GBP/NOK 

– 11.0107

 
 

GBP/SEK 

– 11.8014

 
 

EUR/USD 

– 1.2274

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:30 GBP

Halifax HPI 

1.5%

0.5%

 
   

15:30 CAD

BOC Business Outlook Survey

-

-

 
   

23:00 NZD

NZIER Business Confidence

-

-

 
   

-

-

-

-

 
 
   
 
 
*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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