8th June 2018 Market Update
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?? GBP – The pound rose to fresh two week highs against the greenback yesterday due to a weaker U.S dollar, though it sold off sharply when news broke that a possible second referendum could be back on the cards. It seems that any talk of a second referendum could potentially see a weakening off of Sterling. Adding to more woes yesterday for Theresa May, it has emerged that Brexit minster David Davies might start to be losing patience of the slow progress of Brexit talks. May published what the government called the temporary customs agreement. This would ensure no return to a hard border involving Northern Ireland.
There is no major data from the U.K today.
?? EUR – From the Eurozone on Wednesday we had data in the form of the GDP numbers. Both the month on month and year on year results came in line with market expectations, which saw a modest move in the single currency against the greenback. We have no major data out form the Eurozone today.
?? USD – From across the Atlantic yesterday, data was at a premier with the expectation of the initial jobless claims which came and went again without many people noticing. Most of the attention from the United States is coming from next week’s eagerly awaited meeting between Donald Trump and Kim Jong Un in Singapore. The outcome of this could set the tone for where markets trade next week. We have no data out from the United States today.
No key announcements today.
Summary: Sterling sells off on concerns regarding second possible referendum.
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