French data dominates euro movements

28th February 2017 Market Update

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?? GBP – No data was released from the UK yesterday as part of a quiet first part of the week. However, the pound did fall in the early morning due to highly speculative reports in The Times, that Nicola Sturgeon is preparing to call for another Scottish Independence Referendum as early as next month.

?? EUR – Consumer confidence remained in negative territory for the Eurozone in February, however, Industrial Confidence improved above expectations. France proved to be the driving force behind this, showing little sign of election jitters. This may be due to the weak euro helping manufacturers to export.

?? USD – Durable Goods orders posted a mixed picture in the early afternoon, as the general picture improved, but the reading excluding autos, actually declined. The US dollar marginally lost ground as a result, suggesting that consumers are perhaps not as confident about the economy as previously thought.


Key Announcements

?? EUR
07:45am – French Consumer Price Index fell to 1.4% from expected 1.7%.
09:00am – Italian Consumer Price Index expected at -0.2% from previous -1.7%.

?? USD
13:30pm – Gross Domestic Product Annualized expected to remain unchanged at 2.1%.
13:30pm – Personal Consumption Expenditures Prices (Q4 2016).


Our View:  A quiet end to February will give way to events with the potential to shake up markets later in the week. Trump’s first speech in Congress will be watched closely as will the UK’s services sector results on Thursday. Longer term, the euro may continue to strengthen against the Pound as focus moves away from Greece’s debt crisis but it will return to haunt the single currency.


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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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