23rd November 2017 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’s budget did little to shift the pound with market focus still on the ongoing Brexit negotiations and monetary policy rather than fiscal policy.
On the data front public sector borrowing rose £7.46bn but this also had little impact on the pound.
This morning we have the release of 3rd quarter growth figures expected to remain at 0.4% thus no major moves are expected on the pound unless the figure diverges from this expected figure.
?? EUR – No data out of the eurozone yesterday and today’s focus will fall in the morning with EU service sector forecast to expand and the bloc’s manufacturing sector forecast to shrink marginally.
?? USD – The dollar continued its losing streak as US durable goods orders fell very short of expectations. Even the fairly positive economic outlook by the Fed last night failed to support the currency with both the pound and euro enjoying multi week highs against the greenback.
On account of Thanksgiving being today, no data or news expected out of the US.
09:30am: Q3 GDP – Expected to remain at 0.4%
09:00am: Markit Manufacturing – Expected to drop to 58.3
09:00am: Markit Services – Expected to rise to 55.1
Summary: The key move yesterday saw the US dollar weaken across the board with the pound to US dollar rate now testing the highs last seen at the start of October.
Find out more about our Money Transfer service for personal & business international payments. We’re committed to giving all clients the best rate possible, along with flexible and personalised service. Save time and money by reducing risk through a simple and efficient service.