3rd January 2018 Market Update
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?? GBP – Except from a slight drop against the euro following manufacturing figures that came in lower than expected the pound gradually pushed higher throughout the day. Even rising close to one percent against the dollar.
Construction data released this morning is expected to fall very slightly but little affect is anticipated.
?? EUR – German manufacturing data came in as expected, no impact on the euro though. The euro did however make some good gains against the dollar.
German unemployment rate is expected to remain at 5.3%, again little affect is expected.
?? USD – The dollar lost ground yesterday pretty much across the board. Even positive manufacturing data couldn’t stop the fall.
More manufacturing data will be released this afternoon and this is expected to drop slightly.
09:00am: German unemployment rate – expected to remain at same level
09:30am: PMI construction – a slight drop expected
15:00pm: ISM Manufacturing – a slight drop expected
Summary: Yesterday, as expected, was a pretty flat start to the New Year. With only manufacturing data from the UK, which turned out to be disappointing, little impact on the pound followed.
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