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Sterling sensitive to headlines as Brexit wrangles intensify

business-articlesSterling sensitive to headlines as Brexit wrangles intensify
  • Will today’s Bank of England credit conditions survey weigh down the pound?

  • European Central Bank monetary policy meeting accounts due for release

  • Federal Reserve Chair Powell set to speak

Could BoE credit conditions survey cause pound to drop?

The pound weakened against both the US dollar and the euro yesterday, as Brexit negotiations continued in Parliament.

MPs voted in favour of the ‘Grieve Amendment’, meaning the government is required to return to Parliament with fresh plans within three sitting days if the deal is rejected in next week’s vote.

Today the discussions will continue in Parliament with Pound exchange rates likely to see movement as Theresa May attempts to push through her Brexit deal.

This morning will see the release of the report from the Bank of England (BoE) in the form of the latest credit conditions survey, which will give traders an insight into how the UK economy is performing.

ECB monetary policy meeting accounts due out today

Yesterday saw the Eurozone hit a 10-year low in unemployment, with the figure dropping to 7.9%, down from the previously revised 8%.

The better-than-expected figure kept the euro buoyed against the pound and the US dollar.

With the European Central Bank’s monetary policy meeting accounts being released today, the euro could rise or fall depending on the contents of the report.

Will Federal Reserve Powell’s speech weigh heavy on US dollar?

US dollar exchange rates weakened over the course of Wednesday as global risk sentiment decreased on the back of the US-China trade talks looking positive.

Today will see a speech by the chair of the US Federal Reserve, Jerome Powell. If he continues with the same dovish tone that was seen last week where he emphasised that the Fed was going to remain ‘patient’ in regard to a rate hike, the US dollar could fall further.


Upcoming Data:

Thursday, 10th January 2019
09:30   GBP  BoE Credit Conditions Survey
12:30   EUR  ECB Monetary Policy Meeting Accounts
17:00   USD  Fed Powell Speech


Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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