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Pound pushes higher

31st August 2018 Market Update

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🇬🇧 GBP – Positive signals from both sides over upcoming Brexit talks drove Sterling higher versus the Euro on Thursday, though the ever-present risk of a no-deal divorce means the Pound remains well below 2018 highs. The Pound enjoyed a one-week high against the single currency and was on course for its biggest two-day rise since November. However, in early trading today Sterling has slightly retraced. Versus the dollar yesterday, Sterling lost 0.3% as the greenback clawed back some lost ground.

There are no economic data releases today.

🇪🇺 EUR – The single currency has softened versus the Pound over the past couple of days, as hopes of a mutually beneficial Brexit deal are raised. Further pressure has come from a rise in Italian government bond yields, though the Euro’s losses are comparatively negligible.

No economic data due today.

🇺🇸 USD – The Dollar edged higher against its peers on Friday, regaining some of its recent losses. The currency found support as the latest round of US-China trade tensions dulled risk appetite, with weakness in emerging market currencies also buoying the greenback. The Dollar index closed a shade higher also, amid an ongoing trend to invest in the Dollar while trade frictions are unresolved, which has a negative impact on emerging market currencies and this further fuels the Dollar.

There is no data due out today.

 

Key Announcements

No key announcements today.

 

Summary: Sterling continues upward following positive Brexit sentiment.
 
US Dollar edges up after latest trade tensions.

 

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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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