Brexit party pledge boosts sterling
12th November 2019 Market Update
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?? GBP - Yesterday morning GDP figures were released from the UK. The figures were marginally worse than the market expected at 0.3% and meant the year to year growth had slowed to 1% from 1.3%. This had minimal impact on sterling though. Sterling picked up following an announcement from Nigel Farage that the Brexit party would not oppose the Conservatives in the 317 seats they won during the last general election. This increased the likelihood of Conservative majority being achieved at this general election. As a result, sterling reaching the strongest levels since May against the euro and strengthened by 0.8% against the US dollar.
This morning average earnings are being released at 9.30am. They are expected to remain at 3.8% and not likely to have a significant impact on sterling.
?? EUR - It was a French bank holiday yesterday, meaning no payments to France were made. Industrial production figures came out in line with market expectations from Italy at -0.4%. German WPI also shrunk by 0.1% which is another piece of data reiterating concern about the German economy. Today German ZEW economic sentiment is released 10am and will indicate the current health of the German economy.
?? USD - It was Veterans Day yesterday, meaning no US dollar payments were made, and there was no data released from the US. This evening president Trump is due to speak at Economic Club of New York. There will only be market movement depending on the remarks President Trump makes.
GBP: Sterling bounces as the Brexit party will not contest 317 seats won by the Conservatives at the 2017 general election
EUR: German ZEW economic sentiment the highlight on a quiet day for the Eurozone
USD: A lack of US data yesterday due to Veterans Day
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