1st March 2019 Market Update
Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report.
🇬🇧 GBP – With a lack of data, as expected there was minimal movement for the pound during the session.
Sterling was relatively range bound throughout the day but did trade lower following this week’s unexpected surge. Largely, we can attribute the pound’s success to the fact that Brussels came out with such a strong stance on the extension, allowing investors to assess the continued uncertainty about how and when the UK will leave and on what terms.
That, along with the chance for lawmakers to vote on accepting the withdrawal agreement has now placed Sterling on a pedestal, all be it, a short lived one.
A lot of investors carry the same sentiment as they warn against getting too carried away given the degree uncertainty we still have.Data this morning showed that the UK manufacturing sector shrunk slightly, causing the pound to drop in early trade.
🇺🇸 USD – The US had a relatively quiet day yesterday. Most of the moves we saw were from the pound.
There was a talk held by Fed Chairman, Clarida where he mentioned the Federal Reserve needs to be more focused on economic data with solid evidence of higher inflation before raising interest rates and less concerned with predictions that will inevitably lead to mistakes.
The focus for the US today will be on ISM non-manufacturing PMI expected to come in 1% lower than its previous at 55.6.
We also had fed chair Powel speak overnight, around 1am which was flagged as red but didn’t make any significant comments.
🇪🇺 EUR – No data yesterday but today inflation has come in lower than expected at 1% but unemployment has improved down to 7.8%.
Minimal movement expected on the euro today.
GBP: UK manufacturing sinks with the pound finishing lower, as the week ends.
USD: Fed Chairman emphasizes patient approach to rate hike.
EUR: Inflation lower which should cause concern for the ECB.
Find out more about our Money Transfer service for personal & business international payments. We’re committed to giving all clients the best rate possible, along with flexible and personalised service. Save time and money by reducing risk through a simple and efficient service.