9th April 2018 Market Update
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?? GBP – Sterling ended last week firmer against both the single currency and US dollar despite a mixed set of data from the UK. Last Thursday’s PMI services numbers, which is the most important of all three PMIs, saw a sharp drop from an expected 53.9 to 51.4, which in turn would normally see a sharp selloff in Sterling though the pound remained firmer heading into the monthly US job numbers. We have no major economic data released from the UK today.
?? EUR – From the Eurozone on Friday there wasn’t much to report in the way of economic data but there were on going strikes which plagued French trains and commercial airliners.
In the way of FX the euro seems in certain banks views as possibly the best performing G10 currency of 2018 with five banks in London stating we could see the euro/dollar pairing head towards highs not seen since 2014. This would naturally depend on the stance of interest rate hikes and central banks forward guidance throughout 2018. From the Eurozone we have a slightly busier day than the UK with the release of German trade figures and Eurozone investor confidence numbers.
?? USD – From across the Atlantic the greenback was unchanged despite a much lower than expected set of job numbers, many had expected the payrolls to come in at 193,000 though a reading of 103,000 should have seen sell off in the greenback against its trading partners which never materialised. We have no data out from the United States today.
08:30am: German Trade Balance – released lower than expected this morning
Summary: US payroll drop surprises markets as the greenback weakens and US equity market continues to fall amid concern over possible US/China trade wars.
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