Daily Market News

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Sterling fails to grab the bulls by the horns

24Jul

GBP
Last week, Sterling was unable to take advantage of a weak Dollar, settling just below 1.3000 and teasing eight-month lows against the Euro. Overall UK currency sentiment remained weak, with the surprise of last week’s Consumer Price Index (CPI) reading lower than expected knocking confidence.

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Posted in Daily Market News on July 24, 2017 by William Kemp and the Sales Team

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Draghi fails to fool the markets

21Jul

GBP
UK retail sales data rebounded to beat expectations with a 0.6% gain for June following a revised 1.1% decline the previous month and year-on year growth at 2.9% from 0.9% previously. Warm weather boosted high street trade while the rate of price increases slowed considerably. Sterling moved higher after the data release, before retreating quickly as underlying doubts persisted.

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Posted in Daily Market News on July 21, 2017 by Rob Affleck and the Sales Team

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It’s the way you tell them, Mario

20Jul

EUR
There were no significant Eurozone developments yesterday with the Euro vulnerable to a correction after strong gains, especially with position adjustment in evidence ahead of this afternoon’s European Central Bank (ECB) meeting. The Euro retreated to lows around 1.1510 against the Dollar overnight with some profit taking in evidence, especially given the substantial number of long, non-commercial Euro positions as Eurozone bond yields declined.

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Posted in Daily Market News on July 20, 2017 by Rob Affleck and the Sales Team

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UK data surprises the market

19Jul

GBP
Sterling fell against both the Dollar and Euro yesterday after economic data showed inflation in the UK unexpectedly slowing for the first time since October last year, lowering expectations of an interest rate hike this year. The Pound jumped last month when various members of the Bank of England's (BoE) monetary policy committee - including the governor himself - hinted that rates could rise in the coming months. However, the BoE has also made clear that any monetary tightening will depend on data.

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Posted in Daily Market News on July 19, 2017 by William Kemp and the Sales Team

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Brexit negotiations under way

18Jul

GBP
Sterling peaked just above 1.3100 against the Dollar yesterday for the second trading day in a row, after clawing its way to its highest levels for 10 months. Market participants were cautious as four days of Brexit negotiations began in Brussels. The Pound started this week by edging down from those highs, trading downward by around 0.1% on the day and pretty flat against the Euro.

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Posted in Daily Market News on July 18, 2017 by William Kemp and the Sales Team

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Pound gains on the day

17Jul

GBP
The Pound reached its highest point versus the US Dollar in 10 months on Friday, increasing by 1% after economic data further undermined expectations for more interest rate hikes in the US. After a bad start to last week driven by poor British economic numbers, the Pound is now up almost half a percent in trade-weighted terms, riding out a series of negative headlines on Brexit negotiations with the European Union.

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Posted in Daily Market News on July 17, 2017 by William Kemp and the Sales Team

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ECB to move in September?

14Jul

GBP
With no tier one UK data, Bank of England MPC member Ian McCafferty’s comments, in favour of an interest rate hike at the August policy meeting, provided Sterling support. There was selling interest above 1.2950 against the Dollar, and the Pound continued to recover some ground, reaching the 1.1365 level against the Euro.

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Posted in Daily Market News on July 14, 2017 by Rob Affleck and the Sales Team

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Record UK employment as the US loses pace

13Jul

GBP
The UK headline unemployment hit the lowest rate in over 40 years at 4.5% in the three months to May and there was a smaller than expected increase in jobless claims. Average earnings excluding bonuses increased to 2%, which will only add to expectations of a UK rate hike on the horizon. The headline (including bonuses) year-on-year rate was unchanged at 1.8%. Confidence in the labour market helped underpin Sterling demand at lower levels as it recovered to flirt with the 1.1300 level against the Euro, up from eight-month lows of 1.1175.

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Posted in Daily Market News on July 13, 2017 by Rob Affleck and the Sales Team

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Rudderless on rate hikes, Sterling hits the rocks

12Jul

GBP
Bank of England Deputy Governor Ben Broadbent avoided monetary policy and the economic outlook in his speech yesterday. The markets had re-positioned in expectation of a “hint” over the need for higher interest rates; the lack of comment triggered a significant “correction”. The Pound retreated to below 1.1200 against the Euro for the first time in eight months, and 1.2850 against the Dollar.

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Posted in Daily Market News on July 12, 2017 by Rob Affleck and the Sales Team

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Mr Broadbent, we’re all looking at you

11Jul

GBP
Sterling continued to ebb against its peers due to a lack of data or news and an underlying lack of confidence in the economic outlook after last week’s poor data. The Pound dipped to lows near 1.2850 against the Dollar before finding support as the Euro tested resistance above 1.1300 in narrow ranges.

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Posted in Daily Market News on July 11, 2017 by Rob Affleck and the Sales Team

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