17th May 2018 Market Update
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🇬🇧 GBP – An unconfirmed Telegraph report yesterday suggested that a deal had been reached to keep the UK in the Customs Union. This has since been denied by the government, but Sterling remains buoyed at the best levels seen in over two weeks versus the euro. Smaller gains have been seen against the US dollar.
There is no data due to be released today, so it will be interesting to see if the pound can sustain these levels.
🇪🇺 EUR – The single currency lost its way yesterday, particularly against the US dollar, as Italy’s two anti-establishment parties are reported to be asking the ECB to write off 250 billion euros of debt. Versus the US dollar in particular, the currency hovered near five-month lows as demand for the dollar increased following a jump in US government bond yields.
There is no economic output today.
🇺🇸 USD – The dollar has enjoyed a surge in popularity recently on the back of a strong economy and increased confidence. Bond yield increases have also contributed to a greenback that is nudging five-month highs versus the euro and is also riding high against Sterling.
It’s a very quiet day today, so it would be a surprise if the currency doesn’t maintain its position.
No key announcements today.
Summary: Sterling makes gains following unconfirmed media reports that the UK will remain in the Customs Union. Pound reaches two-week highs versus the euro.
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