8th August 2018 Market Update
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🇬🇧 GBP – The Pound fell to a five-month low versus the single currency yesterday as investors’ concerns grew regarding the UK falling out of the European Union without securing a trade deal.
News coming from the Bank of England late on Tuesday was that rate setter Ian McCafferty said there was a reason for markets to possibly expect further rate hikes over the next two years.
We have no major data out from the UK today.
🇪🇺 EUR – From the Eurozone the single currency traded higher against the greenback as the Chinese Yuan edged higher, the reason cited for this was a raised demand for Chinese assets after the pairing tried but failed to break through technical levels.
Just like the UK we have no technical data from within the Eurozone today.
🇺🇸 USD – From across the Atlantic on Tuesday the greenback weakened as US stock markets continued to rally as the US-China trade war tensions continued.
With limited data from the United States until Friday’s Growth numbers many see the greenback as possibly coming under more pressure. Following the pattern of the UK and Eurozone we have no data out from the US.
No key announcements today.
Summary: Sterling continues losing run against majors on Brexit fears.
US Dollar weakens against the Euro on Chinese uncertainty.
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