28th February 2018 Market Update
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🇬🇧 GBP – Sterling’s moves were dictated by the moves in other currencies in the absence of any data from the UK. Against the euro, the pound climbed by 0.5% by the end of UK trading hours and against the dollar we saw a fall of 0.75%.
No data out again tomorrow with markets looking forward to Thursday and Friday for the latest manufacturing and construction PMI’s.
🇪🇺 EUR – Despite positive Eurozone data in the morning, the euro dropped by the end of the day as German inflation figures fell more than expected to 1.2%.
The big data out today is inflation figures from the Eurozone as a whole expected to drop also to 1.2% which could also take appetite out of the single bloc currency.
🇺🇸 USD – The dollar shrugged off disappointing durable goods orders figures and gained across the board after Jerome Powell said his outlook on the US economy had strengthened.
Q4 GBP figures are due out today, expected to come in the same as previous at 2.4%.
10:00am: Inflation Data: Expected to drop to 1.2%
13:30pm: Q4 GDP Figures: Expected to remain at 2.4%
Summary: Sterling endured mixed fortunes yesterday, dropping against the US dollar but making gains against the euro following new Fed chair Jerome Powell’s testimony before the House Financial Services Committee.
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