Sterling under significant pressure

Hi everyone,

Well the 'Boris bounce' didn't last very long (just a few days in fact), as today saw Sterling crash heavily across the board. The Pound has fallen below a huge psychological barrier of £-€1.10 today, which is the the first time since September 2017. £-$ rates now sit at the lowest point since January 2017.

Strong words from Johnson, Raab & Gove today have been the reason for the collapse. Raab claimed negotiating a good trade deal with the EU could be "much easier" after a no-deal Brexit.  Gove yesterday mentioned a no-deal Brexit is the "most likely" outcome. Johnson today said "The backstop is no good and the withdrawal agreement is dead".

It's the largest sell-off since March and one of the worst losing days since the referendum. The UK has pressed the rewind button to 2-years ago and £ has followed suit. The new Government has made it very clear the direction it will be going with the EU; Negotiate a new deal or it will be no-deal Brexit.

If this isn't already enough, it is a huge week ahead data-wise for all the majors. Everyday this week provides a potential further £ slip up, so there could be even more losses coming.




Upcoming Data


Tuesday, 30th July, 2019

05:30 EU - French GDP
06:00 EU - German consumer confidence
09:00 EU - Euro-Zone consumer confidence
12:00 EU - German CPI
12:30 US - Personal income & spending
14:00 US - Pending home sales
23:00 UK - Consumer confidence

Wednesday, 31st July, 2019

06:00 EU - German retails sales
06:00 UK - Nationwide house price index
07:55 EU - German unemployment rate
09:00 EU - Euro-Zone GDP, CPI & unemployment rate
10:00 EU - Italian GDP

11:00 US - Mortgage applications
12:15 US - Employment change
18:00 US - FOMC interest rate decision

Thursday, 1st August, 2019

08:00 EU - Eurozone PMI
08:30 UK - PMI
11:00 UK - BoE rate decision & inflation report
11:30 UK - BoE Carney conference
12:30 US - Initial jobless claim
14:00 US - Manufacturing & employment data

Friday, 2nd August, 2019

08:30 UK - PMI
09:00 EU - PPI & retail sales

12:30 US - Non-farm payrolls & unemployment rate
12:30 US - Average earnings & trade balance
14:00 US - Factory orders & durable goods 


Dan Waterman
Office Manager

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