9th August 2017 Market Update
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🇬🇧 GBP – Still very little to support the pound at the moment, with the currency hitting its lowest level against the euro since October 2016 and its lowest level against the US dollar for three weeks.
In focus today will be the inflation report hearings, where Mark Carney will be speaking at the House of Commons.
🇪🇺 EUR – Mario Draghi must tread very carefully, his battle to keep the euro at sensible exporting levels appears increasingly more difficult as the single market continues to show signs of rude health.
No data today, with the only thing to note now for this week being Spanish, French and German inflation figures on Friday.
🇺🇸 USD – Traders got excited yesterday on an often overlooked jobs figure yesterday, the JOLTS Job Opening count, which hit its highest level since 2003. After a three week stint of the US dollar being sold off, markets seem to have taken some confidence in the greenback following a recent slew of positive economic data.
🇬🇧 11.00am – Inflation Report Hearings.
🇳🇿 10.00pm – Interest Rate Decision.
11.00pm – RBNZ Press Conference.
Our View: So far this week traders are demonstrating a willingness to back the dollar and unwind short positions following its three week selling rout. We could see further dollar strength if Friday’s elusive inflation figure comes in as positive for the US.
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