The Pound is weaker today as traders sell Sterling following the tone of Brexit negotiations this week. The focus for the Pound will now be the much-anticipated speech due tomorrow from Theresa May. Following criticism for a lack of clarity, our Prime Minister will announce five tests, or platitudes, for Brexit. As the market and the nation is clamouring for detail, it could hamper Pound support.
The US Dollar continued its surge stronger across the board today after yesterday's positive tone from the new Federal Reserve Chair Mr Powell, who will continue to testify today and will be closely watched for the next move in the value of the US Dollar.
The Euro is weaker today as softer inflation data strengthened, and the European Central Bank (ECB) will keep interest rates at an all-time low for the rest of 2018. This is in contrast with other major central banks who are tightening monetary policy.
Data to Watch:
7:00 German Retail Sales MoM & YoY(Jan)
8:00 ECB's Mersch speech
9.30 UK PMI Construction (Feb)
10:00 UK Mark Carney Speech
10:00 EUR Producer Price Index (YoY) (Jan)
13.30 UK Prime Minister Theresa May speech
18:00 US Baker Hughes US Oil Rig Count
Posted in Daily Market News on Mar 2 2018
About the author //
With more than 17 years experience in financial services, Head of Sales Rob guides PLCs and sole traders alike through the complex maze that is the foreign exchange market, helping them to save money and mitigate risk.
He has a wealth of experience and knowledge from holding numerous roles including various positions in investment banking and services in Front, Middle and Back offices. This gives him giving a particularly insightful view on customers’ problems and requirements. Rob also helps to keep our clients informed of the latest in the currency world with our daily market commentary.
GBP The Pound is trading weaker due to tensions heightening between the two Brexit parties as doubts over a smooth transition deal and exit from the European Union in 2019 arise. A draft of the legal text formed by the EU that will set out the rest of the exit...VIEW FULL ARTICLE
Posted in Daily Market News on Mar 1 2018 by Rob Affleck