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Has the pound run out of puff?

28th March 2018 Market Update

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🇬🇧 GBP – Following Sterling carrying over last week’s gains this week, the currency lost some ground in early trading yesterday and has yet to recover its position fully. There are signs that the currency is adopting a well-worn pattern of hitting a key resistance level and bouncing straight back down. It appears as though it will take something out of the ordinary to progress from here.

This morning the pound has clawed back some strength amid a lack of data today.

🇪🇺 EUR – Another quiet day for the single currency unfolded yesterday, with an absence of data to affect it. The currency does remain broadly strong however, as it has done for quite some time.

Today looks to be another quiet day, with no significant Eurozone releases.

🇺🇸 USD – The dollar fought back in early trading sessions yesterday, before falling away again towards the end of the day. There appears to be an undercurrent of volatility with the greenback currently.

There is some important data due today that could have an impact. Final GDP q/q is a key quarterly indicator of economic health and is forecast as a positive reading. In line with expectation, or better, will justify a Fed policy of looking to raise interest rates several times this year. A disappointing figure could have quite a negative impact on the value of the dollar.

 

Key Announcements

🇺🇸 USD
13:30pm: GDP q/q

 

Summary: Sterling is taking steps both forwards and backwards, but largely going nowhere. There is a key piece of data due in the US this afternoon.

 

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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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