Negative momentum pushes Sterling lower

Hi everyone,

Sterling starts the week under real pressure with no specific news triggering the performance. The Pound has lost 0.25% against the Euro & 0.35% against the Dollar since Fridays trading. We now sit precariously on the psychological barriers of £-€1.11 & £-$1.25.

It's not just these currency pairs that the Pound has been on the receiving end of a battering. In the last few weeks it has lost over 2% against AU$, NOK & 3% against NZ$, CA$. MUFG (the worlds fifth largest bank) have today warned that as a £ decline is the most obvious position in the FX market just now, it could easily see another 4% wiped off its current position in the months to come. 

However, there are more recent optimistic reports from Macroeconomic companies and banks that see Sterling trading at £-€1.17 & £-$1.30 levels year end, providing there is either a Brexit deal secured or once again an extension.

Data-wise, tomorrow is a big day for all concerned and the main watch for the week is on Wednesday for the UK's inflation figure, which always seems to surprise the market one way or another. 



Upcoming Data


Tuesday, 16th July, 2019

08:30 UK - Jobless claims & average earnings
09:00 EU - Euro-Zone trade balance & ZEW survey statement
12:00 UK - BoE Carney conference
12:30 US - Retail sales & import/export price index

13:15 US - Industrial production
14:00 US - Housing market index
17:00 US - FED Powell conference

Wednesday, 17th July, 2019

08:30 UK - CPI, PRI, PPI & house price index
09:00 EU - Euro-Zone CPI & construction output
11:00 US - Mortgage applications
12:30 US - Housing starts & building permits

Thursday, 18th July, 2019

08:30 UK - BoE liabilities/credit conditions & retails sales
08:30 US - Jobless claims
14:00 US - Leading index

Friday, 19th July, 2019

06:00 EU - German PPI
08:30 UK - Public finances/borrowing


Dan Waterman
Office Manager

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