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Cable is holding above 1.2150, as caution remains in the market ahead of speeches by BoE’s Bailey and Fed’s Powell today. Expectations are for the Bank of England chief to remain dovish over monetary policy, with rate increases to lag behind the US Fed, while we may also see indications…
The UK PMI construction index fell back into contraction territory, the weakest reading since May 2020. Cost pressures eased but employment declined, new orders contracted but significantly, companies were pessimistic over the economic outlook with only the sixth negative reading on record. Sterling remained vulnerable after the data with lows…
Find out how the major currencies have been performing and what movement we could see in the days ahead with our weekly exchange rate update. EUR – Euro Dented by Cooling Inflation Weaker-than-expected German inflation and a strong US Dollar exerted pressure on the Euro at the start of…
GBP The final reading for the UK PMI services sector was revised marginally lower to 49.9 from the flash reading of 50.0, but still above the November reading of 48.8. While it marked an improvement from November’s reading, new business contracted for a second month running and the survey’s employment…
Economic Data Releases 06/01/2023 EUR – Europe Core Inflation Rate YoY USD – Non Farm Payrolls USD – ISM Non-Manufacturing PMI GBP came under fire early morning and dropped towards 1.2000, off the back of last night’s Federal Open Market Committee release of their November meeting minutes. Focus will…
Happy New Year from the team at Currency UK. We are back with our usual currency updates and our first look at the rates and what to look out for as we kick off 2023. Economic Data Releases 03/01/2023 EUR – German Inflation Rate YoY 04/01/2023 EUR – France Inflation…
Sterling held steady throughout Thursday session, but was unable to make any gains with significant resistance at 1.2150 against the dollar. In the early Friday session cable reversed its direction and declined towards 1.2050, as we see some USD buying ahead of the US PCE inflation figures release later this…
Find out how the major currencies have been performing and what movement we could see in the days ahead with our weekly exchange rate update. EUR – Euro Limited by Russia-Ukraine Concerns Better-than-expected German data lent the Euro some support through the first half of the week, with businesses…
UK GDP data released this morning disappointed by showing an annualised growth rate of 1.9% compared to market expectation of 2.4%. This failed to make a noticeable market reaction, therefore GBP/USD continues to trade in a tight range above 1.2100. On Wednesday, we saw USD support as US Consumer Confidence…
GBP remains under pressure against both USD and EUR, with the divergence of monetary policy of the respective Central Banks weighing heavily on GBP. Both the European Central Bank and Federal Reserve have reiterated their continued focus on curbing inflation, while the Bank of England (BoE) is expected to end…