wall street

US dollar slips

25th May 2018 Market Update

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?? GBP – Sterling pushed higher yesterday after the release of positive Retail Sales data, that appeared to show a weather-led boost. Traders are wary, however, of pushing the pound too far, given ongoing Brexit concerns. Yesterday marked a reversal from Wednesday, when the currency fell to the lowest levels this year.

Elsewhere, Mark Carney stated that the Bank of England could inject further stimulus into the economy, should Brexit negotiations result in a ‘bad deal’.

This morning sees the second estimate of GDP released and Mark Carney speaks this afternoon.

?? EUR – There is little to report with the single currency, with ECB meeting notes having little impact. The euro continues to lose ground to the US dollar, however.
No data is due to be released today.

?? USD – The dollar has recovered its marginal losses following the cancellation of the summit with North Korea. Markets had become jittery but appear to have regained composure.

Today sees the release of Core Durable Goods Orders, with Jerome Powell, the Fed Chair, due to speak this afternoon.
 

Key Announcements

?? GBP
09:30am: UK Second Estimate GDP q/q
14:30pm: Mark Carney speaks

?? USD
13:30pm: US Core Durable Goods Orders
14:30pm: Fed Chair Powell speaks

 

Summary: The pound edged higher following upbeat Retail Sales data. The US dollar slips following the cancellation of the summit with North Korea.

 

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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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