14th September 2018 Market Update
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?? GBP – Sterling maintained its recent advances against the euro and rallied by a cent versus the US dollar yesterday. Media reports that the UK and the EU had made progress towards agreeing an Irish border solution kept the pound buoyant. US dollar inflation woes led to sterling’s sharp momentum in the afternoon session versus the greenback, to hit its strongest level in over a month. The currency was further assisted by a raised Bank of England forecast for third-quarter GDP growth. The MPC voted unanimously to leave interest rates at 0.75%, one month after a raise. Most analysts are not forecasting a further increase until after Britain leaves the EU.
This morning sees Mark Carney speaking in Dublin.
?? EUR – The ECB kept monetary policy unchanged yesterday as expected and remains on track to conclude its bond purchases this year and look towards an interest rate rise next autumn.
There is no data due out today.
?? USD –The dollar slipped following weaker-than-forecast inflation data, with the greenback already flagging on signs of reduced trade tensions. Against the pound, the dollar fell to its weakest position in over a month.
This afternoon sees Retail Sales data and another poor showing here could impact the currency further.
11:00am: UK Gov Carney Speaks.
13:30pm: US Retails Sales.
Summary: The pound rallies against the dollar on Thursday and maintains position versus euro. US dollar falls on weak afternoon of data.
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