8th February 2018 Market Update
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?? GBP – Sterling continued its sluggish start to February with no data out on Wednesday to add to an already unsure pound, many see today’s “super” Thursday reading as an important guide to where Sterling could end the week. Mark Carney’s comments regarding inflation could be a key indicator of any further possible rate hikes for the next few months.
?? EUR – The single currency traded lower yesterday against both the British pound and greenback on thin data. The euro still remains stable against many of its trading partners, with some leading economists saying we could see further highs during the course of the year. We have no major economic data from the Eurozone today.
?? USD – From across the Atlantic the US followed the trend in the way of data with no major economic events taking place, the only news worth noting were a few FOMC member speeches. Although, given the move in the greenback in the late London session against the British pound and single currency, gaining over nearly half a cent, there speech’s might have had some impact. From the US today, we have the weekly initial jobless claims numbers.
12:00pm: BoE interest rate meeting
12:00pm: Inflation report
12:00pm: BoE minutes
12:30pm: Mark Carney press conference
13:30pm: Initial jobless claims – expected to be 232,000, previously 230,000
Summary: There was very little in the way of data from across all three major trading zones on Wednesday, hence the reason we saw little in the way of movement in the major FX crosses.
Given Sterling sluggish start to February we should see much more movement today at 12pm when “Super Thursday” takes place, it could be a key day to catch some sort after levels in the greenback and single currency.
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