18th July 2019 Market Update
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🇬🇧 GBP – The pound managed to show a minor recovery yesterday despite ongoing Brexit fears and speculation of an early general election as well as calls made by the likes of Morgan Stanley that we could well see parity on the GBP/USD rate.
Inflation for the month of June remained at 2% with the price of energy prices dropping but the price of clothing and food rising.
Focus today falls on retail sales for the month of June, forecasted to rise to 2.6% from 2.3% in May. This could well provide a relief rally for the pound.
🇪🇺 EUR – Eurozone inflation for June came in better than expected at 1.3% compared to Mays reading of 1.2% causing the euro to gain versus the US dollar.
No data out of the eurozone today.
🇺🇸 USD – The International Monetary Fund yesterday declared that the US dollar is overvalued, much to the delight on Donald Trump.
The IMF believe the currency is between 6% and 12% too high, based on economic fundamentals.
The dollar weakened yesterday following the news ahead of its weekly jobless claims figures this afternoon.
GBP: Inflation remains at 2%
EUR: Inflation Rises in June
USD: IMF warn Dollar is too high
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