19th October 2017 Market Update
Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report.
🇬🇧 GBP – This week the pound has struggled to sustain previous ground gained against the dollar and the euro. There have been no acute drops, but rather a steady decrease in value. This is due to a lack of data and uncertainty with regards to when the BoE will increase interest rates. However, yesterday’s average earnings data came in higher than expected, which saw a small boost for the pound.
Retail sales is set to be released today and expected to be lower than previous. This could be due to a possible rate hike around the corner, perhaps forcing the public to reign in their spending.
🇪🇺 EUR – Yesterday GBP/EUR traded fairly flat, with the main movement coming from GBP average earnings. There is little data for the euro today, so any movement will be dictated by external factors.
🇺🇸 USD – Yesterday saw FOMC members Dudley and Kaplan speak which, it would appear, had no effect on the currency. This afternoon sees Unemployment Claims figures, expected to decrease from previous. Following this we have the Philly FED manufacturing index, which is expected to be lower. This could potentially see some dollar negativity.
09:30am – Retail Sales m/m
13:30pm – Unemployment Claims
13:30pm – Philly FED Manufacturing Index
Our View: After a quiet start to the week, we may well see another fairly dull day. All eyes will be on retail sales figures at half past nine, which will set the tone for rate movement today. In the longer term, the likelihood, or not, of an interest rate hike from the BoE is dominating Sterling movement.
Find out more about our Money Transfer service for personal & business international payments. We’re committed to giving all clients the best rate possible, along with flexible and personalised service. Save time and money by reducing risk through a simple and efficient service.