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Tight ranges continue in depressing market

10th January 2018 Market Update

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?? GBP – Retail sales unexpectedly remained at 0.6% which saw the pound grab some early momentum that was short lived as moves retraced back come the close of business.

A key day today as industrial production is expected to drop slightly but the focus will be on manufacturing production following positive manufacturing figures last week, traders will be hoping that reflects in today’s results. GDP estimate is also due but no consensus has been given.

?? EUR – Eurozone unemployment rate fell to its lowest level since January 2009 to 8.7%, the market initially reacted positively however after digesting the news markets realised it is still high at 8.7%, the euro lost any ground it had gained.

Today there will be no releases from Europe.

?? USD – No data in the UK trading day yesterday, however in the evening job openings were released which were lower than expected and the dollar lost some ground against the euro.

Import and export price indexes are expected to fall today but they are both considered low importance. Crude oil inventories will also be released.

 

Key Announcements

?? GBP
09:30am: Industrial production, expected to fall to 1.8%
09:30am: Manufacturing production, expected to fall to 2.8%

?? USD
13:30pm: Import price index, expected to fall slightly to 3.0%
13:30pm: Export price index, expected to fall to 2.3%

 

Summary: Whilst there was some movement yesterday, albeit in a tight range, everything pretty much started and ended at the same level during UK trading hours. The biggest highlight is that Eurozone unemployment is at its lowest level in almost nine years.

 

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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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