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Sterling set for an uphill battle

12th March 2018 Market Update

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🇬🇧 GBP – Sterling enjoyed a slight recovery late on Friday but remains simply treading water whilst the market waits for any significant Brexit developments. With a real lack of economic data this week, practically the only thing of note will be the Spring Budget Statement tomorrow. However, this is unlikely to affect the pound and the currency will likely face an uphill battle throughout the week.

🇪🇺 EUR – With no data due today, all ears will be tuned to Mario Draghi’s statement on Wednesday. It looks as though the ECB have already played their hand last week with regard to easing policy going forward, but the market will be keen to listen for any additions or deviation from the ECB President.

🇺🇸 USD – Friday saw a mixed bag for the dollar, as Non-Farm Payroll figures came in above expectations, but was tempered by the Unemployment Rate disappointing forecasters. The upshot was that the greenback lost a little ground at the end of the week but is holding position in early trading.

There is no data due today, but this week will see the publication of CPI data, Retail Sales and PPI figures, and Building Permits. All of these are seen as key indicators of economic health, so investors will be paying due attention.

 

Key Announcements

No key announcements today.

 

Summary: Sterling rallied slightly late on Friday and opened at the same levels this week. With a lack of any data today, the Spring budget statement tomorrow will be noted, while the USA sees some key data released towards the end of the week.

 

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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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