city sky

GBP eager to move higher

19th February 2020 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 – Despite a strong jobs report it was the news that the Budget will take place on March 11th that boosted sterling the most yesterday. Rishi Sunak, the new Chancellor, has kept the date set by Sajid Javid but sterling remains hopeful that he will throw out some of his predecessor’s prudence. Yesterday’s numbers showed that the overall picture of the UK labour market is that […]

blackfriars bridge evening

Pound dips below $1.30 ahead of jobs numbers

18th February 2020 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 – Yesterday was broadly quiet for most currencies, sterling included but data due this morning will end that calm. Jobs numbers due at 09.30 this morning are from January and will give us the first look at whether the reported increase in business sentiment has led to more jobs and higher wages. A good number today and further hints from the government that higher spending could […]

Tower Bridge

Sterling solid ahead of a busy week

17th February 2020 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 – The dust has settled following last week’s Cabinet reshuffle and the pound has calmed down too. The most common question we are getting at the moment is what can keep GBP on an upward trajectory moving forward. With Brexit no longer on the front pages, focus for the pound moves back on to the economic data. While there is none today, tomorrow’s look at the […]

Sterling boosted following cabinet reshuffle

14th February 2020 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 – As seen yesterday, the pound broke the key resistance level, following a 6 month consecutive gain against the euro as Rishi Sunak looks to fill Javid’s shoes. Sterling’s gain comes amidst ongoing chronic weakness in the Euro, as well as political developments in the UK where Prime Minister Boris Johnson replaced the head of the Treasury, leading foreign exchange markets to believe that a sizeable […]

Bank of England

EUR/USD dropped to its lowest level since May 2017

13th February 2020 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 – The EU have approved a tough opening position for trade talks with the UK. They the UK to follow EU policies on climate change, food labelling and subsidies from companies and have “dynamic alignment” between the 2 parties. Within the next 24 hours Boris Johnson is expected to announce his cabinet reshuffle, the first since he won the General Election. This morning GBP/EUR rallied to […]

Sterling boosted by growth in December

12th February 2020 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 – The pound gained around 0.5% against both of its other major counterparts during the UK session yesterday. GDP exceeded expectations, coming in at 0.3%. Markets reacted positively to the 2019 growth estimate increasing to 1.4%, which is slightly higher than the 1.3% we saw last year. There is no data out from the UK today. ?? EUR – The euro witnessed a brief bit of […]

Pound recovers from 2 1/2 month low vs USD but remains under pressure

11th February 2020 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 – Sterling recovered on Monday from 2-1/2 month lows, holding its own against the broadly stronger dollar following last week’s sell-off that was driven by concerns over Britain’s trade talks with the European Union. Official negotiations will kick off on March 3, but press briefings and leaks suggest talks will be tough and have a negative effect on sterling. Boris Johnson has announced his intention to […]

Golden Gate Bridge San Francisco

US in limelight with jobs day

7th February 2020 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 – There was no data of note from the UK yesterday, and there is no significant data being released today. A slight potential blow to the government’s hopes of a trade deal with the EU will be that Trump was perceived to be particularly aggressive on the phone to Boris Johnson following the decision to include Huawei in the UK’s 5G infrastructure. However, this had minimal […]

city sky

Pound rebounds ahead of services PMI’s

5th February 2020 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 – Trade talks have already concerned markets with the pound starting February on the backfoot as Johnson and Barnier yet again, coming to different conclusions. Despite this, sterling rebounded from its six-week lows against the dollar yesterday after UK Construction figures resulted better than expected. This offset many fears of a hard Brexit fuelled by Johnson’s tough stance on EU trade talks. With UK figures being […]

City of London

Pound rocked by uncertainty again

4th February 2020 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 – The pound declined yesterday after EU chief Brexit negotiator, Michel Barnier, and UK prime minister, Boris Johnson, outlined two very different and near opposite stances ahead of negotiations on a future trade relationship. From the markets perspective it now appears that unless there are concessions made on both sides, it is not looking like we will see some form of comprehensive trade deal being struck […]

Bank of England

UK leaves the EU after nearly 50 years of membership

3rd February 2020 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 – The pound performed well on Friday rallying nearly 1% against USD. 31st January 2020 was officially Brexit day and the UK now enters the transition period with the EU. Boris Johnson has ambitiously confirmed he wants the transition period to come to an end by the start of 2021. The UK Cabinet have signalled they may be unwilling to be flexible on negotiations with Dominic […]

City of London

Carney Holds Rates In His Final Meeting

31st January 2020 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 – The key headline yesterday was of course from the Bank of England, who left the interest rate on hold at 0.75%. The votes came in at 7-2 although it was expected to come in at 6-3. This boosted the pound higher and now trades over 1.31 against the USD. Concerns that the Bank of England could suddenly cut UK interest rates quickly faded after the […]