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Pound Unmoved in Quiet Trading Day

5th July 2019 Market Update

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🇬🇧 GBP –  Sterling was most likely relieved yesterday that it didn’t have any major data to contend with yesterday and with the holiday in the US, the pound barely moved and remained trading near multi-week lows against both the dollar and euro as major pairs were confined to tight intraday ranges.

Downbeat views on the Pound’s outlook continue as Boris Johnson remains in poll position to win the Conservative Party leadership race ahead of current Foreign Secretary Jeremy Hunt who is seen as a “market-friendly” alternative.

🇪🇺 EUR – Retail sales disappointed yesterday falling shy of the expected figure of 1.6% to 1.3%, showing that consumer spending is struggling amidst a weakening economy.

No data out today.

🇺🇸 USD –  No news yesterday with the US closed for Independence Day.

The only news for the whole of today comes in the form of the job data from the US. The nonfarm payroll print is expected to show 160,000 jobs were added in June and the unemployment rate is forecasted to remain at 3.6%. Average hourly earnings are expected to climb to 3.2%.

 

Summary:

GBP: Halifax house data out today
EUR: Retail sales disappoint for May
USD: Markets braced for jobs data


 

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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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