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Sterling rises on EU deal

8th December 2017 Market Update

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?? GBP – Sterling rebounded from a six-day low against the euro on Thursday after a deal was reached with the EU in relation to Brexit. One of the key pieces to come from the talks were that there would no hard boarder and the good Friday agreement would be up held.

From the UK today we have data in the form of the manufacturing and production figures plus further ongoing talks regarding Brexit.

?? EUR – The single currency was unchanged on Thursday on limited data from within the Eurozone which in turn saw very little movement against its trading partners. We have no major data from the Eurozone today.

?? USD – From across the Atlantic yesterday most of the attention was still coming from the fall out in relation to Donald Trump’s comments regarding the United States and their stance now viewing Jerusalem as the capital of Israel. From the United States today all the all-important US jobs numbers which will be released at 1:30pm.

 

Key Announcements

?? GBP
09:30am: Industrial production YoY – 3.6%
09:30am: Manufacturing production YoY – 3.9%

?? USD
13:30am: US Nonfarm payrolls 200,000
13:30am: Unemployment rate 4.1% – 4.1%

 

Summary: With a deal looking like it has finally been reached with the EU the pound might finally have found a reason to trade higher, though any negative comments towards trade deals could see a retracement in Sterling.

 

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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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