bank of england

Sterling swims uphill

14th February 2018 Market Update

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🇬🇧 GBP – Yesterday morning brought the publication of this month’s CPI Inflation figure. This came in pretty much as expected and failed to have any marked effect on the value of the pound. Afternoon trading saw Sterling fall away somewhat, though this may well be attributable to euro and USD strength.

With a lack of any data today, the currency could struggle to maintain position.

🇪🇺 EUR – The single currency enjoyed a broadly positive day, following Mario Draghi’s assertion that Europe has recovered from recession. The euro continues to operate from a sustained position of strength.

Today sees no significant releases.

🇺🇸 USD – Yesterday was light on the data front, but did see a speech from FOMC member Mester, in which he supported interest rate rises at a pace similar to last year and suggested that the economy continues to grow above trend for now. These sentiments resulted in dollar gains late in the day.

There is some key monthly data due this afternoon, including CPI Inflation and Retail Sales.

 

Key Announcements

🇺🇸 USD
13:30pm: CPI Inflation m/m
13:30pm: Retail Sales m/m

 

Summary: Pound falls away in the afternoon session as euro and dollar make gains. With a lack of any data today, the currency could struggle to maintain position.

 

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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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