The dollar was the big winner from worries over the global economy as unrest in China in reaction to draconian Covid lockdown rules were described as the worst unrest since Tiananmen Square in 1989.
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A distinctly mixed day for the single currency saw it gain 1% on the US dollar in the morning session, and then lose it all in the afternoon. It managed to hold on to some of its gains…
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Sterling’s gains over the last fortnight were sharply pegged back yesterday, as the pound lost almost 1% during the course of the morning.
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The week started in a negative fashion for sterling, losing between 0.5 and 1% against the euro, US dollar and yen. The cause looks to have originated on the other side of the world, with unrest in China…
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This week US markets are poised for a variety of data releases including personal spending, several Fed speeches and ISM manufacturing PMI for November.
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Euro-watchers will be on standby for this week’s eurozone inflation rate. Markets have forecast the rate to edge down gently from 10.6% to 10.3% in Wednesday’s release.
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A quiet week of key data releases for the pound this week however markets can expect data on the UK’s 30-year treasury Gilt Auction at 10am.
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Last week saw the pound move from strength to strength, with sterling ending the week up by more than 2% against the US dollar and close to 2% against the euro. Today sterling sits tight, ready to navigate…
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