6th February 2018 Market Update
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🇬🇧 GBP – After starting 2018 on the front foot, with Sterling reaching highs not seen since Brexit, yesterday saw this come to an end following PMI services data. This fell dramatically and resulted in a significant drop in the value of the pound, which was also helped on its downward path by Downing Street’s confirmation that Britain will definitely be leaving the Customs Union completely.
With no impact data out from the UK today to revive the pound, we may well see these lows continue.
🇪🇺 EUR – The ECB President, Mario Draghi, spoke yesterday before the European Parliament, but did not offer enough to have any effect on the euro. The single currency took advantage of Sterling weakness yesterday to close two cents up on previous days’ lows.
There is no data due out today.
🇺🇸 USD – The dollar has been trading firmly on the back foot throughout the year so far, but was boosted yesterday following unexpectedly strong Manufacturing PMI data. It would appear also that the recent political turmoil may have abated, further supporting the greenback.
There is nothing due for the dollar today and we should see the currency maintain its position.
Summary: The pound suffered a significant slide throughout the afternoon. EUR and USD are looking much more attractive to sell as a result.
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