25th July 2018 Market Update
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?? GBP – Sterling continues to be weighed upon by Brexit and is struggling to gain any sort of momentum while uncertainty prevails. Yesterday, however, did see modest gains versus the euro and a stabilisation of upward momentum against the US dollar. This is despite weaker-than-expected retail sales and recent soft inflation data. Markets are still giving an 80% chance of an interest rate increase from the Bank of England next week, but this will have been largely priced in.
There is no economic data due today for the pound.
?? EUR – There is very little to report from the eurozone. The currency continues to perform strongly while markets wait for any further indications of a reduction in stimulus measures.
No data due today.
?? USD – The dollar is trading lower against Sterling and five other major currencies, as comments last week from Donald Trump that criticised the greenback’s strength continued to weigh on sentiment. Risk appetite remains largely firm.
Crude Oil Inventories data due this afternoon is unlikely to have any impact on the exchange rate.
13:30pm: US Crude Oil Inventories
Summary: Weak economic data and renewed political uncertainty over the government’s Brexit position hammered Sterling last week, but the pound is maintaining five-day highs versus the US dollar as the greenback loses momentum.
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