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13th November 2018-Sterling rallies on positive rhetoric were sold quickly amid fears that even if a Brexit deal could be reached, it would be rejected by parliament.

 

     

Sterling rallies on positive rhetoric were sold quickly amid fears that even if a Brexit deal could be reached, it would be rejected by parliament.

The dollar continued to punish European currencies on Monday and pushed to fresh 16-month highs as on-going political concerns unsettled the Euro and defensive support boosted the US currency.

Sterling rallies on positive rhetoric were sold quickly amid fears that even if a Brexit deal could be reached, it would be rejected by parliament.

Oil prices reversed an early rally attempt and slid to fresh 8-month lows with unease over increased supply continuing to undermine sentiment.

Equity markets declined, maintaining defensive yen demand, but gold failed to benefit and declined to fresh 1-month lows.

Hopes for progress in US-China trade talks triggered a limited recovery in risk conditions on Tuesday with the dollar retreating slightly.

Bank of England Deputy Governor Broadbent stated that there are signs of weaker fourth-quarter GDP growth, although he also commented that wage growth is materially higher and that the bank was seeing signs of domestic inflation pressure now. Gradual rate increases did not necessarily mean one hike per year while the Brexit outcome was crucial for the central bank.

Sterling remained under pressure in Europe amid evidence of further opposition to Prime Minister May’s Brexit plans. UK gilts also declined sharply which undermined currency support and GBP/USD dipped below 1.2850 with GBP/EUR peaking around 1.1479. EU Council President Tusk was reported to have stated that a deal needed to be in place by Wednesday night in order for there to be a special summit in November.

Early in US trading there were reported comments from EU Chief Negotiator Barnier that the Brexit Treaty was almost ready and that the main elements were ready to be presented to the UK Cabinet on Tuesday. Although the UK currency spiked higher with GBP/USD above 1.2900, selling quickly resumed after reports that the Cabinet would be likely to reject the EU offer.

GBP/USD dipped back to 1.2850 before correcting slightly as Prime Minister May stated that negotiations were in the end game. GBP/EUR settled near 1.1400 with both currencies remaining out of favour in global markets.

     
 
       
 

GBP/EUR 

– 1.1452
 
 

GBP/USD

– 1.2882

 
 

GBP/CHF 

– 1.3013

 
 

GBP/JPY 

– 146.81

 
 

GBP/AUD 

– 1.7865

 
 

GBP/NZD 

– 1.9087

 
 

GBPCAD

– 1.7036

 
 

GBP/ZAR 

– 18.5206

 
 

GBP/NOK 

– 10.9535

 
 

GBP/SEK 

– 11.7448

 
 

EUR/USD 

– 1.1248

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

07:00 EUR

Germany CPI (Y/Y)

2.50%

2.50%

 
   

07:00 EUR

Germany Harmonised CPI (Y/Y)

2.40%

2.40%

 
   

09:30 GBP

UK Claimant Count Change(M/M)

-

18.5K

 
   

10:00 EUR

German ZEW Survey (Economic Sentiment)

-12

-24.7

 
 
   
 
 
*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.
 
 
 

12th November 2018-Sterling dipped sharply after a ministerial resignation and severe tensions within the Conservative Party undermined hopes for a Brexit deal

 

     

Sterling dipped sharply after a ministerial resignation and severe tensions within the Conservative Party undermined hopes for a Brexit deal

The dollar maintained a strong tone on expectations of higher interest rates following relatively hawkish Fed rhetoric and underlying yield support.

Sterling dipped sharply after a ministerial resignation and severe tensions within the Conservative Party undermined hopes for a Brexit deal.

The Euro also lost support and EUR/USD dipped to 16-month lows below 1.1300.

Oil prices weakened further on supply concerns with WTI at 8-month lows before a correction on Monday following reports of Saudi production cuts.

Asian equities secured a tentative rebound on Monday while gold and silver remained under pressure amid US strength.

UK third-quarter GDP data met consensus forecasts with a 0.6% increase from 0.4% previously and the year-on-year increase met expectations at 1.5%. Other growth-orientated data was mixed with construction data stronger than expected, but investment declined. There was also a narrowing of the trade deficit to 7-month lows and the impact was limited.

Sterling was hampered by an underlying tone of opposition to the UK government’s potential Brexit deal. Late in Europe, junior Minister Jo Johnson also resigned and demanded that there should be a second referendum on any deal. With the Northern Ireland DUP also expressing concerns, Sterling lost ground with a GBP/USD dip below 1.3000.

CFTC data registered a small increase in net short positions, maintaining the risk of sharp Sterling gains if there is a political breakthrough. Overall tensions, however, remained very high with Conservative Party divisions and uncertainty. Reports also indicated that plans for a Monday Cabinet meeting had been cancelled which triggered further doubts over the ability to secure a November deal. GBP/USD dipped below 1.2900 amid dollar strength as GBP/EUR fell to the 1.1400 area.

     
 
       
 

GBP/EUR 

– 1.1414
 
 

GBP/USD

– 1.2864

 
 

GBP/CHF 

– 1.2982

 
 

GBP/JPY 

– 146.87

 
 

GBP/AUD 

– 1.7871

 
 

GBP/NZD 

– 1.9146

 
 

GBPCAD

– 1.6988

 
 

GBP/ZAR 

– 18.5456

 
 

GBP/NOK 

– 10.8910

 
 

GBP/SEK 

– 11.7308

 
 

EUR/USD 

– 1.1272

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

20:30 USD

FOMC Member Daly 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.
 
 
 

9th November 2018-Federal Reserve made no changes to interest rates while the statement continued to indicate further rate increases

 
     

Federal Reserve made no changes to interest rates while the statement continued to indicate further rate increases

The Federal Reserve made no changes to interest rates while the statement continued to indicate further rate increases with hawkish rhetoric on the labour market.

The dollar gained significant ground given no retreat from a December hike with fresh doubts surrounding the Euro also contributing to US currency gains as Sterling optimism faded slightly.

Oil prices weakened further amid on-going liquidation with Brent at 4-month lows.

Commodity currencies weakened, and the Canadian dollar was also hit by fresh concerns over US trade relations.

Gold and silver were also undermined by dollar strength and dipped to 1-week lows.

The pace of Brexit rumours and briefings eased somewhat during Thursday. Sources continued to suggest the potential for a Cabinet meeting on Monday. According to sources, the UK government would have to accept a backstop with no escape clause or any future trade deal would demand lasting Customs Union membership. There were reports that Brexit Secretary Raab would meet EU Chief Negotiator Barnier on Tuesday with the full withdrawal agreement released on Wednesday.

Sterling drifted weaker in the European session with a GBP/USD retreat to 1.3100 as the EUR/GBP rallied to near 1.1500.

Government sources dampened expectations of an imminent deal and net optimism over a deal faded slightly as Irish tensions persisted. EUR/GBP was, however, still unable to hold gains and traded at 5-month highs above 1.1500.

GBP/USD dipped to below 1.3050 given the strong dollar with further UK losses on Friday. Markets were braced for further choppy trading on Friday given positioning ahead of the weekend and the latest UK GDP data.

     
 
       
 

GBP/EUR 

– 1.1480
 
 

GBP/USD

– 1.3018

 
 

GBP/CHF 

– 1.3122

 
 

GBP/JPY 

– 148.18

 
 

GBP/AUD 

– 1.7980

 
 

GBP/NZD 

– 1.9310

 
 

GBPCAD

– 1.7167

 
 

GBP/ZAR 

– 18.5085

 
 

GBP/NOK 

– 10.9584

 
 

GBP/SEK 

– 11.7839

 
 

EUR/USD 

– 1.1336

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

United Kingdom GDP (Q/Q)

0.60%

0.40%

 
   

09:30 GBP

United Kingdom GDP (Y/Y)

215K

214K

 
   

09:30 GBP

UK Trade Balance

-11.25B

2.25%

 
   

15:00 USD

Michigan Consumer Sentiment

100.4

98.6

 
 
   
 
 
*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.
 
 
 

8th November 2018-Sterling gained further underlying support from expectations that a Brexit deal was close to being agreed

 
     

Sterling gained further underlying support from expectations that a Brexit deal was close to being agreed

US equities rallied strongly after the Congressional election which helped underpin global bourses while bond yields recovered from an initial dip to trade slightly higher.

After sharp losses ahead of the New York open on reduced expectations of further fiscal support, the dollar regained ground as Wall Street equities advanced.

Despite pressure for profit taking, Sterling gained further underlying support from expectations that a Brexit deal was close to being agreed.

Oil prices remained under pressure and slid to fresh 7-month lows after another sharp weekly inventory build.

Gold was unable to make headway amid robust risk appetite.

Sterling gained initial support on Wednesday from further rumours that negotiators were close to reaching a deal. The currency was, however, vulnerable to a correction after recent gains with a GBP/USD retreat from a 3-week peak near 1.3175 and GBP/EUR rallied back through the key 0.8720 level which encouraged profit taking on long Sterling positions.

EU Chief Negotiator Barnier stated that Brexit talks with the UK remained intensive and that there could be no deal without an Irish backstop being in place. Sources also suggested that a breakthrough was needed this week or early next week in order to arrange a special Summit in November. Reports late in Europe suggested that a Cabinet meeting would probably be held early next week with Ministers having access to the draft withdrawal agreement beforehand.

Overall Sterling sentiment held firm with underlying short covering still a significant feature and EUR/GBP retreated again at the European close with fresh 4-month lows near 0.8700.

The RICS house-price index recorded the weakest reading for 6 years as uncertainty undermined the sector, especially around London, but markets remained focussed on political developments and GBP/USD drifted to near 1.3100 as the US currency rallied.

     
 
       
 

GBP/EUR 

– 1.1475
 
 

GBP/USD

– 1.3120

 
 

GBP/CHF 

– 1.3142

 
 

GBP/JPY 

– 149.17

 
 

GBP/AUD 

– 1.8002

 
 

GBP/NZD 

– 1.9331

 
 

GBPCAD

– 1.7196

 
 

GBP/ZAR 

– 18.3238

 
 

GBP/NOK 

– 10.9378

 
 

GBP/SEK 

– 11.8225

 
 

EUR/USD 

– 1.1433

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:00 EUR

ECB Economic Bulletin

-

-

 
   

13:30 USD

US Initial Jobless Claims

215K

214K

 
   

19:00 USD

FOMC Interest Rate Decision

2.25%

2.25%

 
   

19:00 USD

FOMC Statement

-

-

 
 
   
 
 
*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.
 
 
 

6th November 2018-Sterling was subjected to choppy trading as markets reacted to Brexit headlines

 
     

Sterling was subjected to choppy trading as markets reacted to Brexit headlines

Sterling was subjected to choppy trading as markets reacted to Brexit headlines, although net optimism that a deal was close pushed it stronger with GBP/USD at 2-week highs.

Brexit hopes also underpinned the Euro to some extent and the dollar lost traction amid caution ahead of Tuesday’s US congressional elections.

Oil prices remained under pressure and close to 6-month lows with sentiment hampered by US exemptions on Iran sanctions.

A steadier tone surrounding risk curbed defensive demand for the yen and Swiss franc while equity markets traded mixed.

The UK PMI services-sector index declined to 52.2 for October from 53.9 previously which was below consensus forecasts and the weakest reading for seven months. New business growth increased at the slowest pace since July 2016 with concerns surrounding Brexit and the global economic outlook curbing activity, although cost pressures intensified.

Sterling continued to fluctuate on Brexit headlines ahead of the New York open with a flurry of remarks and unofficial briefings. Sources suggested that a deal would not be reached this week and that the potential timetable for a special EU Summit had been pushed back to late November. The remarks curbed Sterling buying to some extent, although increased overall optimism over a deal continued to trigger underlying short covering.

The UK currency secured a firm overall tone with a sustained GBP/USD move above 1.3000 while EUR/GBP dipped below 0.8750.

UK data indicated weak retail sales, although overall spending held firm. Political developments continued to dominate with further reports of EU concessions helping to underpin Sterling as GBP/USD traded at 2-week highs above 1.3050 and EUR/GBP close to October lows ahead of Tuesday’s Cabinet meeting.

     
 
       
 

GBP/EUR 

– 1.1436
 
 

GBP/USD

– 1.3061

 
 

GBP/CHF 

– 1.3110

 
 

GBP/JPY 

– 148.06

 
 

GBP/AUD 

– 1.8085

 
 

GBP/NZD 

– 1.9606

 
 

GBPCAD

– 1.7126

 
 

GBP/ZAR 

– 18.5415

 
 

GBP/NOK 

– 10.9042

 
 

GBP/SEK 

– 11.8155

 
 

EUR/USD 

– 1.1415

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:55 EUR

German PMI Services

53.6

53.6

 
   

09:00 EUR

Euro-Zone PMI Services

53.3

53.3

 
   

15:00 USD

JOLTs Job Openings

-

7.136M

 
   

21:45 NZD

New Zealand Unemployment Rate

4.5%

4.5%

 
 
   
 
 
*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.
 
 
 

5th November 2018-Weekend reports that a private Brexit deal had been secured by Prime Minister May and Sterling spiked higher

 

Daily News

 
     

Weekend reports that a private Brexit deal had been secured by Prime Minister May and Sterling spiked higher

Headline US employment data was above consensus forecasts and stronger wages growth reinforced expectations of a December rate hike which underpinned the dollar as it recovered from Thursday’s sharp losses.

Sterling spiked higher at the Asian open on Monday following reports of a private Brexit deal before fading slightly as underlying political uncertainty dominated.

Oil prices declined to fresh 6-month lows as reports of US waivers for individual countries from the ban on importing Iranian crude undermined sentiment.

Global equities retreated with on-going uncertainty surrounding US-China trade policies undermining sentiment.

The UK October PMI construction index increased to 53.2 from 52.1 previously and was above expectations of 52.0. Gains were led by the civil engineering sector while there was a slowdown in new orders growth. Sterling made limited additional gains after the data, although there was persistent GBP/USD selling interest above 1.3000. There was some pressure for a correction after strong gains on Thursday, although sentiment held firm and GBP/EUR hit resistance near 1.1450.

The latest CFTC data recorded a small net increase in speculative short positions, maintaining the potential for short covering if there is a sustained shift in sentiment.

There were weekend reports that a private Brexit deal had been secured by Prime Minister May and Sterling spiked higher at the Asian open, although it failed to hold the gains amid reports that a hard-line stance from Brexit Secretary Raab had undermined negotiations. Markets remained wary over choppy trading surrounding political headlines with GBP/EUR rallying to test 1.1450 while GBP/USD again tested above 1.3000.

     
 
       
 

GBP/EUR 

– 1.1402
 
 

GBP/USD

– 1.3001

 
 

GBP/CHF 

– 1.3057

 
 

GBP/JPY 

– 147.37

 
 

GBP/AUD 

– 1.8085

 
 

GBP/NZD 

– 1.9572

 
 

GBPCAD

– 1.7043

 
 

GBP/ZAR 

– 18.6462

 
 

GBP/NOK 

– 10.8821

 
 

GBP/SEK 

– 11.7779

 
 

EUR/USD 

– 1.1387

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 EUR

UK PMI Services

53.3

53.9

 
   

09:30 EUR

Euro-Zone Sentix Investor Confidence(

10.1

11.4

 
   

15:00 USD

US ISM Non-Manufacturing PMI

59.5

61.6

 
   

23:30 JPY

Household Spending

1.60%

2.80%

 
 
   
 
 
*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.
 
 
 

1st November 2018-Sterling gained strong support from fresh hopes of a Brexit deal and reports of a deal on financial services

 

     

Sterling gained strong support from fresh hopes of a Brexit deal and reports of a deal on financial services

The dollar index pushed to fresh 16-month highs on Wednesday amid strong ADP employment data and positioning grounds before a significant retracement on Thursday.

Sterling gained strong support from fresh hopes of a Brexit deal and reports of a deal on financial services with hopes for an agreement also providing Euro relief.

Global equities made net gains on positioning grounds, although there was a lack of conviction in choppy trading.

Oil prices declined sharply to 2-month lows amid dollar strength and strong OPEC production data

Gold dipped to 3-week lows on dollar strength before a significant recovery on Thursday.

GBP/USD found support near 1.2700 on Wednesday and initially made limited gains. Brexit Secretary Raab stated that he expected a Brexit deal to be agreed by November 21st which triggered a brief Sterling spike higher before Prime Minister May’s office played-down the chances of a deal on a specific timeframe.

There were also comments from EU sources that there was a new positive mood in Brexit talks, although Sterling again hit selling interest on rallies. GBP/USD was unable to hold above 1.2800 while the Euro also recouped some losses.

Sterling pushed sharply higher again in Asia on Thursday following reports that the Prime Minister had secured a deal with the EU to give UK financial services companies continued access to EU markets after Brexit. There were GBP/USD gains to above 1.2850 while GBP/EUR rallied to 1.1340 given the importance of financial services to the UK economy.

There are very strong market expectations that the Bank of England will make no changes to interest rates at Thursday’s meeting, although the statement will still be watched closely for evidence of the bank’s underlying assessment.

     
 
       
 

GBP/EUR 

– 1.1335
 
 

GBP/USD

– 1.2880

 
 

GBP/CHF 

– 1.2940

 
 

GBP/JPY 

– 145.35

 
 

GBP/AUD 

– 1.8020

 
 

GBP/NZD 

– 1.9503

 
 

GBPCAD

– 1.6909

 
 

GBP/ZAR 

– 18.8713

 
 

GBP/NOK 

– 10.7903

 
 

GBP/SEK 

– 11.6952

 
 

EUR/USD 

– 1.1362

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:15 CHF

Swiss CPI (Y/Y)

1.10%

1.00%

 
   

12:00 GBP

BOE MPC Votes 

0-0-9

0-0-9

 
   

12:00 GBP

BoE Rate Decision(M/M)

0.75%

0.75%

 
   

12:30 USD

BoE Gov Carney 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.
 
 
 

30th October 2018-Sterling failed to gain support from the budget as Brexit reservations dominated

 

     

Sterling failed to gain support from the budget as Brexit reservations dominated

US equities posted net losses amid fears over a fresh increase in US-China tensions, although volatility was a key feature and Chinese equities attempted to rally on Tuesday.

The Euro was unsettled by political uncertainty with German Chancellor Merkel not seeking another term as CDU leader, although Italian yields declined.

The dollar index gained and traded close to 10-week highs amid expectations of capital repatriation and held a firm tone amid month-end positioning flows and lack of confidence in other majors.

Sterling failed to gain support from the budget as Brexit reservations dominated.

Oil prices recovered as equities regained some ground, but silver remained on the defensive and gold registered limited losses.

UK September mortgage approvals data and overall personal lending data was slightly above consensus forecasts, although annual consumer credit growth slowed significantly to a 3-year low due to weakness in the car sector.

Ahead of the Chancellor’s Budget Statement, the Northern Ireland DUP indicated that they would support the budget, but could oppose the government in the future if there was any Brexit deal to separate Northern Ireland from the rest of the UK.

Sterling failed to respond to a slight upgrading of independent GDP growth forecasts and targeted tax cuts, especially as medium-term growth forecasts were still notably subdued. There were also important market concerns that failure to secure a Brexit deal would force another budget and prevent any further Bank of England rate hikes.

GBP/USD drifted back to test support below 1.2800 while the GBP/EUR settled close to 1.1240. There was little change on Tuesday as markets waited for Brexit developments.

     
 
       
 

GBP/EUR 

– 1.1228
 
 

GBP/USD

– 1.2796

 
 

GBP/CHF 

– 1.2817

 
 

GBP/JPY 

– 144.24

 
 

GBP/AUD 

– 1.8045

 
 

GBP/NZD 

– 1.9539

 
 

GBPCAD

– 1.6780

 
 

GBP/ZAR 

– 18.7720

 
 

GBP/NOK 

– 10.6923

 
 

GBP/SEK 

– 11.6601

 
 

EUR/USD 

– 1.1372

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

08:55 EUR

German Unemployment Change(M/M)

-13K

23K

 
   

10:00 EUR

Euro-Zone GDP (Y/Y)

-

2.10%

 
   

13:00 USD

Euro-Zone GDP (Q/Q)

-

0.40%

 
   

13:00 USD

Germany Preliminary Harmonised CPI (Y/Y)

0.10%

0.40%

 
 
   
 
 
*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.
 
 
 

26th October 2018-Sterling down 0.7% against the Dollar, Brexit concerns come to the fore again

 

     

Sterling down 0.7% against the Dollar, Brexit concerns come to the fore again

Sterling retreated again yesterday vs the dollar as the concerns over a no deal Brexit came to the fore once again, losing 0.7% of its value. The uncertainty stems from Mrs May’s meeting later today with the 1922 Committee, the Committee is highly influential in choosing a leader of the party and if a vote of no confidence were registered it would be through them. It is expected that 50 members of May’s own party will oppose her Brexit plan and only 48 signatures are needed for a no confidence vote.

Mario Draghi speaks again today after his ECB press conference yesterday, the ECB have kept their interests rates on hold in line with expectation and reiterated their plan to curtail their quantitative easing programme by the end of the year with a view to hiking rates in the summer of 2019. Off the back of this news sterling slid to 1.1255 from day highs of 1.1230

Focus today will of course turn 1st of all to any news or leaks from Mrs May’s meeting with the 1922 Committee and later in the day GDP data from the US and another speech from Mario Draghi.

     
 
       
 

GBP/EUR 

– 1.1258
 
 

GBP/USD

– 1.2823

 
 

GBP/CHF 

– 1.2803

 
 

GBP/JPY 

– 143.54

 
 

GBP/AUD 

– 1.8199

 
 

GBP/NZD 

– 1.9783

 
 

GBPCAD

– 1.6824

 
 

GBP/ZAR 

– 18.6867

 
 

GBP/NOK 

– 10.7015

 
 

GBP/SEK 

– 11.6922

 
 

EUR/USD 

– 1.1372

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

13:30 USD

US Advance GDP (Q/Q)

3.3%

4.2%

 
   

15:00 EUR

ECB President Draghi Speaks

-

-

 
   

15:00 USD

Revised UoM Consumer Sentiment

98.9

99.0

 
   

-

-

-

-

 
 
   
 
 
*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.
 
 
 

25th October 2018-Pound weakness halted by May

 

     

Pound weakness halted by May 

Yesterday saw the pound fall across the board to a seven week low as pressure mounted on Theresa May. In recent days her leadership has been called in question once more as some senior cabinet ministers aired their concerns over the latest round of negotiations with the EU. Elsewhere stocks fell as European data indicated a slowdown in growth, boosting the US dollar on the back of safe haven flows.

Overnight the UK PM organised a meeting to address her party critics, appealing for unity within the party. Initial reports were very positive with former minister Amber Rudd declaring the PM had “won the room” and many others giving similarly upbeat statements. All this appears to have provided some support for sterling and halted its recent decline.

The focus today will shift on the ECB’s rate decision. With interest rates not expected to be changed until at least Q4 of 2019 closer attention will fall on whether they decide to confirm once more their plan to bring quantitative easing to an end by December of next year. Mario Draghi will follow this up with his usual accompanying press conference and should expect some questions over the latest Italian debt crisis.

     
 
       
 

GBP/EUR 

– 1.1297
 
 

GBP/USD

– 1.2906

 
 

GBP/CHF 

– 1.2854

 
 

GBP/JPY 

– 144.55

 
 

GBP/AUD 

– 1.8213

 
 

GBP/NZD 

– 1.9754

 
 

GBPCAD

– 1.6782

 
 

GBP/ZAR 

– 18.7581

 
 

GBP/NOK 

– 10.7412

 
 

GBP/SEK 

– 11.7483

 
 

EUR/USD 

– 1.1398

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:00 EUR

German Ifo Business Climate

102.8

103.7

 
   

12:45 EUR

Euro-Zone Main Refinancing Rate

0.00%

0.00%

 
   

13:30 EUR

ECB Press Conference

-

-

 
   

13:30 USD

Core Durable Goods Orders (M/M)

0.50%

0.00%

 
 
   
 
 
*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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