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Sterling has best quarter since 2015

3rd April 2018 Market Update

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🇬🇧 GBP – UK GDP figures last Thursday revealed that the UK economy in the 4th quarter of 2017 grew by 0.4% and annual growth was revised higher to 1.8%.
Data agency, Markit, will be revealing this week that the manufacturing, construction and service sectors all slowed in growth in March.

🇪🇺 EUR – German inflation figures on Thursday disappointed causing the euro to weaken by the end of the week.

Markit manufacturing and services figures are also due out this week but main focus should fall on Wednesday with the release of inflation figures as well as the latest unemployment rate.

🇺🇸 USD – As mentioned above manufacturing data from both Markit and ISM both disappointed but the dollar remained unchanged in what was very thin trading yesterday.

The highlight this week for the US dollar will be Friday’s all-important job numbers. Whilst the unemployment rate is expected to improve both hourly earnings and the nonfarm payroll print are expected to come in worse that previous.

 

Key Announcements

🇪🇺 EUR
09:00am: Markit Manufacturing PMI – Expected to remain at 56.6

🇬🇧 GBP
09:30am: Markit Manufacturing PMI – Expected to drop to 54.5

 

Summary: Despite finishing the week lower against the US dollar, the pound actually enjoyed its best quarterly performance versus the Greenback since 2015. Against the euro, the pound had its best quarterly performance since 2016.
 
Whilst most major markets were closed over Good Friday and Easter Monday, the US was open yesterday with both Markit and ISM manufacturing figures disappointing.

 

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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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