houses of parliaments

Sterling surges on UK-EU deal

30th November 2017 Market Update

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🇬🇧 GBP – From the UK on Wednesday we very little data out to affect the pound, though as we all know if the talks from the UK and EU continue to move in the right direction we “could” see the pound move even higher against its major crosses over the coming weeks.

We have no major data economic data out from the UK today.

🇪🇺 EUR – From the Eurozone yesterday, the only piece of data came in the form of industrial production and services sentiment numbers, both came in much lower than market expectations and had little effect towards the single currency.

Data today from the Eurozone will focus on the inflation numbers at 10am, the year on year number is expected to rise from 1.4% to 1.6% which in turn could see the single currency make further gains against the greenback.

🇺🇸 USD – From across the Atlantic, US growth figures for the third quarter came in lower than expectations but in line with previous readings. The impact was minimal against both the pound and single currency.

The only piece of data from the US today comes in the form of initial jobless claims.

 

Key Announcements

🇪🇺 EUR
10:00am: Consumer Price Index – 1.6% expected, 1.4% previously
10:00am: Unemployment Rate – 8.9% expected, 8.9% previously

🇺🇸 USD
13:30pm: Personal Consumption Expenditure – 1.4% expected, 1.3% previously
18:00pm: Robert Kaplan Speech

 

Summary: The pound continued to surge against its major crosses yesterday with investors seeing a possible breakthrough in Brexit talks following news of the UK putting forward a deal to pay the EU £45bn.

 

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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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