europe union building

Euro buckles

13th April 2018 Market Update

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🇬🇧 GBP – With a lack of data yesterday, the pound needed some external force to move and found it in the release of ECB Policy Meeting minutes. These impacted on the euro and caused Sterling to rally to its strongest position versus the single currency since the middle of last year. A residual effect also saw gains made against the US dollar through the afternoon session.

An absence of data today should see Sterling maintain its gains.

🇪🇺 EUR – The release of ECB Policy Meeting minutes yesterday lunchtime saw the euro lose value sharply across the board. Inflationary pressures appear to be softening a previously bullish outlook and the single currency suffered for it.

There is no data out today.

🇺🇸 USD – With little economically, the dollar spent the day largely swimming upstream amid political uncertainty and rhetoric. There is likely to be minimal movement today, with a stark lack of data across the board.

 

Key Announcements

No key announcements today.

 

Summary: The pound ended the day at its strongest position versus the euro in some time. Single currency weakens following publication of ECB Monetary Policy Meeting minutes.

 

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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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