Sterling hits new highs against euro and dollar

23rd January 2018 Market Update

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?? GBP – Sterling traded towards its highest level against the US dollar despite comments from the IMF.

From the UK today, we have data out in the form of public sector, net borrowing numbers at 9:30am.

?? EUR – It was a quiet day from the Eurozone yesterday on limited data, the single currency still remains well placed against the greenback despite the recent shutdown of government and federal buildings in the United States. The only piece of data we have today comes in the form of the consumer confidence figures at 3pm.

?? USD – From across the Atlantic on Monday the US dollar remained on the back foot against its major trading partners with the world’s reserve currency seemly being shunned by investors amid more political concerns from within the Trump administration. We have no data out from the United States today.


Key Announcements

?? GBP
09:30am: UK public sector net borrowing: Expected £4.4bn – previous £8.11bn

?? EUR
15:00pm: Consumer Confidence


Summary: IMF upgrades global growth forecasts at Davos meeting, but expects UK economy to slow. Sterling is still seeing it’s best run against the US dollar since 2014.

The US Government shutdown continues as the senate look to vote to end lockdown of federal and government buildings.


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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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