houses of parliaments

Further Sterling uncertainty

22nd November 2017 Market Update

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🇬🇧 GBP – The pound traded range bound yesterday after a quiet day on the data front with only public sector new borrowing figures giving Sterling any real moves. UK borrowing rose to £8bn in October, official figures show, up £500m from a year earlier.

With Brexit seemly going nowhere at present and a shift towards an unstable UK government many see the pound looking to come under further pressure over the coming weeks.

From the UK today we have the Autumn statement where Chancellor Hammond gives his economic forecast to parliament.

🇪🇺 EUR – From the Eurozone on Tuesday there was no major data to report, though with the recent coalition in Germany looking like it might start to be falling apart many see this as watershed moment as if a coalition can’t agree on running Europe’s biggest economy then who can?

We have no Eurozone data out to report.

🇺🇸 USD – From across the Atlantic the only piece on news came from outgoing Fed chair Yellen where she gave a speech at the New York University, her comments had no effect towards the greenback.

From the United States we have data in the form of durable goods which is looking to come in lower at 0.5% versus 2.2% and Michigan consumer sentiment figures which just like the durable numbers are expected to come in higher at 98.9 against a 97.8

Following the durable goods and consumer figures are the FOMC minutes at 7pm.

 

Key Announcements

🇬🇧 GBP
13:30pm: Autumn Budget

🇺🇸 USD
13:30pm: Durable goods 0.5% – 2.2%
15:00pm: Michigan consumer sentiment 98.9 -97.8
19:00pm: FOMC Minutes

 

Summary: The main focus of attention today will be the Autumn statement today at 1:30pm, though the statement won’t have a huge effect on Sterling many people will be tuning in to see how affects them.

 

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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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