25th April 2018 Market Update
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🇬🇧 GBP – Sterling fell on Tuesday to its lowest since mid-March, its sixth consecutive daily fall, as the dollar rebounded and investors worried about the performance of the British economy.
But last week, Sterling fell almost 1.7% on weaker-than-expected data and cautious comments from Bank of England Governor Mark Carney that slashed market expectations for a May rate hike.
We have no major economic data out from the UK today.
🇪🇺 EUR – The single currency continued to trade lower versus the US dollar on Tuesday with Thursday’s upcoming interest rate decision looming. Most people expect the ECB to leave their key benchmark interest rates on hold at 0%.
There forward guidance and comments at the press conference following the rate announcement will set the tone for where the euro will trade against its major trading partners.
Just like the UK we have no key data out from the Eurozone today.
🇺🇸 USD – From across the Atlantic on Tuesday the main piece of news to come out was in the form of US treasuries, where the 10-year bond reached levels not seen since 2014. The 10-year bond traded over 3% which in turn saw a flight in the US dollar and moves out of the stock market.
Also, French President Macron had his first meeting at the White House with President Donald Trump, they spoke on a wide number of issues from the Iran nuclear programme to Syria.
No key announcements today.
Summary: Sterling falls on continued concern regarding the British economy.
Donald Trump welcomed French President Macron to the White House and confirmed a meeting with North Korea’s leader could be very soon.
US 10-year bond rises over 3%, as stock markets fall and the greenback gains.
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