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Sterling strikes back

15th January 2018 Market Update

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🇬🇧 GBP – The pound gained versus both the single currency and US dollar after two EU members took a softer approach in relation to a possible Brexit deal. Sterling traded towards its highest level against the greenback since 2016’s Brexit referendum. No data out of the UK today.

🇪🇺 EUR – The single currency, just like Sterling, also saw moves against its major trading partners with a possible breakthrough in German coalition talks after Angela Merkel’s conservative Christian Democratic Union bloc, and the social Democrats agreed to a blueprint for formal coalition negotiations. We have no data out from the Eurozone today.

🇺🇸 USD – From across the Atlantic, Donald Trump continues to make the headlines with his criticism of African countries which caused global headlines after he insulted them. On the data front inflation figures in the world’s biggest economy saw an increase of 0.3% against market consensus. Retail sales on the other hand failed to make a big impression as they came in lower at 0.4% against December’s 1.4%. We have no data out from the US today due to a public holiday – Martin Luther King, Jr. Day.

 

Key Announcements

No key announcements today.

 

Summary: Sterling rose against both the US dollar and single currency on the back of comments that Spain and the Netherlands were open to a softer Brexit deal for the UK.
 
The US dollar fell against both the British pound and single currency on the news that inflation rose and retail numbers were lower than expected in the United States.

 

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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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