Sterling’s losses from Wednesday continued yesterday and the pound hits Friday around 0.25% down against the euro, 1.1% down on the US dollar and somewhere between those against other major currencies.
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Sterling’s interesting week reaches the last day having lost 1% since Wednesday morning against the euro and closer to 2% against the US dollar since Tuesday. The reason for sterling’s fall has been poor economic data this week…
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US durable goods figures for July are expected at 1:30 pm (UK time) today. Following a 4.7% jump in June, markets forecast 0.5% decline. This and US weekly jobless claims could offer more direction for the US dollar.
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The industrial and economic data is coming thick and fast this week, and we have just heard that French business confidence edged down to 96 in August from an upwardly revised 101 in July and expectations of 99.
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There are two interesting reports today. The first will be coming out shortly, CBI Distributive Trades, which is a measure of retail sales as judged by orders from suppliers. Markets predict it could be the lowest since 2021.
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It was a lively morning for sterling yesterday as it reached its highest point against the euro for very nearly a year, but then fell back sharply and ended the day down across the board.
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The USD/EUR rate gained 0.5% yesterday despite rate hike jitters weighing on investors’ minds. This takes the greenback’s monthly gains to just over 2.5% higher than this time last month, but whether its strength will continue in the…
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A strong set of PMI prints could give the European Central Bank more confidence that the economy could take another rate hike, which could boost the euro.
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