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Doused UK Recession Fears see Sterling Surge despite No-Deal Brexit Rumours

Pound News: Sterling Jumps as UK Recession Fears Lighten

The Pound surged yesterday despite prevailing rumours UK Prime Minister Boris Johnson still intends to force through a no-deal Brexit.

Sterling gains came on the back of stronger-than-forecast UK growth data which doused fears for an imminent UK recession.

Britain’s latest job market report will contribute to Pound movement today, but with the controversial suspension of UK Parliament beginning last night, any surprise political developments are likely to grab the spotlight.

 

 

Euro News: Shared Currency Steadies Ahead of European Central Bank (ECB) Decision

Thursday’s policy decision from the European Central Bank (ECB) will stand as the week’s pivotal economic event. Investors have been reluctant move on the Euro as they brace for a predicted ‘substantial’ stimulus package.

French industrial production data fell short of forecasts this morning, but Euro movement was limited as investors tarry on ECB news.

 

 

US Dollar News: Global Stimulus Speculation Keeps Pressure on USD

Market demand for safe haven currencies like the US Dollar diminished last week as global political jitters and trade war fears eased.

Forecasts for relaxed monetary policies from major central banks like the Federal Reserve exerted further pressure on the US Dollar yesterday.

US business optimism data from NFIB will be published this afternoon, but global risk-sentiment and expectations for more influential data later in the week will influence USD movement in the meantime.

 

 

Canadian Dollar News: Canadian Dollar Reacts to Strength in US Dollar

The Pound to Canadian Dollar exchange rate saw solid gains yesterday as the Canadian Dollar failed to capitalise on higher trade-sentiment or oil prices, with investors turning to the Australian Dollar instead.

CAD will be driven by data tomorrow with the publication of Canada’s latest housing starts and building permits.

 

 

Australian Dollar News: ‘Aussie’ Capitalises on Rising Risk-Sentiment

The trade-correlated Australian Dollar – often used as a proxy for global trade and risk-sentiment – reacted to fresh hopes for economic stimulus from China and the US to become one of yesterday’s better-performing major currencies, only falling short of a surging Pound.

This morning’s weaker-than-expected Australian business confidence data will maintain pressure on the Australian Dollar, leaving investors on the lookout for positive US-China trade war news.

 

 

 

 

Upcoming Data

 

Tuesday, 10th September

02:30    Australian NAB Business Confidence

07:45    French Industrial Production

09:30    UK Job Market Report

13:15    Canadian Housing Starts

13:30    Canadian Building Permits

 

 

Alastair Archbold
Currency Trader
T: 01442 892 062

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