5th April 2018 Market Update
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?? GBP – Sterling has maintained its buoyancy and even managed to claw a little back versus the euro through yesterday. Disappointing Construction PMI data did little to dampen the pound and it will be interesting to see if this morning’s Services PMI reading has any effect. As has been apparent for some time, investors are only really reacting to Brexit output and Central Bank monetary policy deviation.
?? EUR – Very little to report from the Eurozone, with the euro maintaining its status quo as a strongly performing major versus its counterparts.
There is no data due today and no statements due from the ECB.
?? USD – There is a consensus that the dollar could be living on borrowed time and is due a downward correction at some point this year. For now, however, the greenback is holding its position, though does remain attractive to purchase versus moving averages over the past few months. Yesterday’s positive Non-Farm Employment change figure was largely ignored.
It’s a quiet day today, with no economic releases from across the pond.
09:30am: UK Services PMI data
Summary: There was very little currency movement throughout the day, despite the release of key economic data from the UK and USA.
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