28th June 2018 Market Update
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🇬🇧 GBP – Sterling lost significant ground yesterday, particularly against the US dollar. Investors have concerns over imminent Brexit talks amid doubts that the Bank of England will raise interest rates at all this year. The immediate outlook for the pound looks bleak, as the central bank expressed caution regarding the impact of Brexit on the economy.
There was no economic output yesterday for Sterling and today is no different.
🇪🇺 EUR – The single currency has maintained its strong showing versus the pound but has struggled against a rampant US dollar. While markets took last week’s policy meeting comments as a near-certainty that monetary easing will be tapered off by the end of the year, the ECB has since made it clear that this is merely an option that they have.
Today sees day one of the EU Economic Summit in Brussels. Amongst a range of topics, the economy will be discussed.
🇺🇸 USD – Yesterday saw further gains made by the greenback, as trade concerns softened after the US administration softened its approach to Chinese investment. The currency is currently holding at near one-year highs.
This afternoon sees the release of Final GDP data. This is released quarterly and is the annualised change in inflation-adjusted value of all goods and services produced by the economy.
10:00am: Economic Summit Day 1
13:30pm: Final GDP q/q
Summary: Sterling suffers biggest drop in two weeks versus the dollar. Imminent Brexit talks and concern over the Bank of England’s interest rate stance this year weigh heavily on the pound.
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