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Dollar supported by markets looking for safe havens

10th August 2017 Market Update

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🇬🇧 GBP – The pound traded lower against the US dollar on Wednesday but edged slightly higher versus the euro as most investors are waiting for today’s Manufacturing and Industrial Production figures.

Sterling is still finding it very difficult to remain steady against the dollar and euro given last Thursday’s mixed report from the Bank of England.

The UK’s Manufacturing and Industrial Production numbers are out this morning, if well received we could see Sterling claw back some losses seen over the last few days.

🇪🇺 EUR – Italian and Greek figures were released in the early morning session, with both pieces of data failing to make any impact on the single currency despite the recent sell off seen over the last two days.

The euro in recent days has come off its highs of 2017 with a strengthening in the US dollar leading many to think that the euro might have seen its highest level reached In the short term.

🇺🇸 USD – Dollar continues to strengthen following the recent better jobs figures and further support could be attributed to the traditional safe haven buying due to the missile tension with North Korea.

 

 

Key Announcements

🇬🇧 09.30am – Manufacturing MoM (Jun) 0.0% -0.2%

09.30am – Industrial Production MoM (Jun) 0.1% -0.1%

🇺🇸 13.30pm – Initial jobless claims 240,000 – 240,000

13.30pm – Producer Price Index MoM (Jul) 0.1% – 0.1%

 

Our View: The pound is finding that key support levels in recent days aren’t as easy to hold as many had thought. Sterling is still very much at a crossroads with tensions between North Korea and the United States.

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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