FX News and articles

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US upgrades GDP as Greek problem resurfaces

30May

GBP
At the start of trading this morning, it looks like the Pound is on the up from the dismal lows seen last week before the UK bank holiday. The trigger to the decline was the latest Survation opinion poll that showed the Conservatives on 43% and Labour on 37%. It is worth noting that the Tories still hold a sizeable lead over Labour, and the change in their fortunes remains outside the margin of error (5%). Thus, unless the Tories suffer a catastrophic week, Theresa May probably won’t be calling in the movers in nine days’ time.

Although GBPUSD has fallen back to 1.2800, a drop of 68 pips from Monday’s high, key support should hold at 1.2776, the low from last week, since the Tories are still expected to win, even if these polls are giving the markets a scare.

There is no important economic data due in the UK today. Focus will remain on the UK political scene where uncertainty on the lead of the conservative party is negative for Sterling in the short-term.

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Posted in Daily Market News on May 30, 2017 by Rob Affleck and the Sales Team

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Turned out nice again (unless you’re the Prime Minister)

26May

GBP
Yesterday morning saw the UK first-quarter GDP growth rate revised down to 0.2% from the preliminary reading of 0.3%, with annual growth of 2.0% reinforcing concerns surrounding underlying growth trends. There was a slight recovery in investment spending for the quarter and mortgage approvals were in line with expectations. As a result, Sterling was hampered by the UK data losing ground against both EUR and USD.

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Posted in Daily Market News on May 26, 2017 by Rob Affleck and the Sales Team

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Caution abound, even the Fed’s tentative!

25May

GBP
General election campaigning has been suspended after the tragic events in Manchester. The lack of economic and political drivers has further dampened activity, but the major parties are expected to resume activities Friday.

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Posted in Daily Market News on May 25, 2017 by Rob Affleck and the Sales Team

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Business as usual

24May

GBP
The Pound managed to leave behind the downside pressure coming from the Manchester blasts and apparent effervescence following discussions between the UK and EU over the ‘divorce bill’, which according to EU officials should be around €100 billion.

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Posted in Daily Market News on May 24, 2017 by Rob Affleck and the Sales Team

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Safe haven flight undermines the Sterling

23May

GBP
The Pound was unsettled yesterday by political considerations after opinion polls suggested the Conservative Party’s election lead had halved. A policy surrounding social care triggered some degree of uncertainty surrounding the potential outcome and has subsequently been removed from the manifesto.

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Posted in Daily Market News on May 23, 2017 by Rob Affleck and the Sales Team

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Trump on tour

22May

GBP
The UK CBI industrial trends printed the highest reading since February 2015 at 9, while export orders were at the highest level since December 2013. Sterling moved back above the 1.3000 level against the Dollar on Friday but failed to break above the 1.3050 level. The Euro tested the 1.1630 resistance area. The Rightmove house price index rose 1.2% in May for a 3.2% annual gain.

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Posted in Daily Market News on May 22, 2017 by Rob Affleck and the Sales Team

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Sunshine spending sorts out Sterling

19May

GBP
Bumper UK retail sales data smashed expectations with a monthly volume increase of 2.3% compared with consensus forecasts of 1.0%. Sales were boosted by the impact of a late Easter and by warmer, drier weather. However, the impact of declining real wages generates expectations of a slower growth of sales over the next few months.

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Posted in Daily Market News on May 19, 2017 by Rob Affleck and the Sales Team

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Flirty with 1.3000

18May

GBP
UK unemployment declined to 4.6% in the three months to March, the lowest rate since 1975, despite an increase of 19,400 in the claimant count for April. Average earnings increased 2.4% over the year from 2.3%, in line with expectations, and there was a 2.1% increase excluding bonuses. While the jobs market remains healthy, subdued earnings growth will not add any pressure for Bank of England tightening, especially as the dip in real earning will curb consumer spending.

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Posted in Daily Market News on May 18, 2017 by Rob Affleck and the Sales Team

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Trump turmoil tarnishes Dollar

17May

GBP
UK consumer prices rose 0.5% in April, with the year-on-year inflation rate rising to 2.7% from 2.3% previously; the highest since June 2013. The core CPI rate increased to 2.4% from 1.8% and also above consensus expectations of 2.2%. The data initially boosted the Pound before almost immediately spiralling lower.

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Posted in Daily Market News on May 17, 2017 by Rob Affleck and the Sales Team

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Poor UK inflation could trigger corrective moves

16May

GBP
UK Consumer prices, due this morning, are expected to accelerate to 2.6% in April year on year. Core figures, excluding volatile food and fuel costs, are also expected to arrive stronger at 2.2% in the reported month versus 1.8% previously. The Bank of England’s key 2% figure was exceeded. On a monthly basis, the consumer prices are expected to remain unchanged at 0.4% last month.

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Posted in Daily Market News on May 16, 2017 by Rob Affleck and the Sales Team

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