Quiet day ahead with sterling up in early trading

The US dollar remained broadly weaker against the pound and euro on Friday.

Previous Day's Market Highlights

The US dollar remained broadly weaker against the pound and euro on Friday. It did recover some ground against sterling after UK retail sales came below forecasts (-1.5% vs -0.6%), which as a result saw rates dip back into the 1.38 levels. EUR/USD continued to trade above the 1.22 mark, with rates pushing back up towards the 1.23 mark during the afternoon session. This mainly came on the back of news that the US government would be temporarily shutdown as the senate couldn’t agree on the funding bill. GBP/EUR traded in a tight-knit range around the 1.1325-50 level.

Currency Pairing 08:00 Today Vs 08:00 Yesterday Four-Week High Four-Week Low % Change
GBP/EUR 1.1347 1.1360 1.1197 1.43%
GBP/USD 1.3894 1.3943 1.3331 4.39%
EUR/USD 1.2238 1.2327 1.1817 4.14%
GBP/AUD 1.7363 1.7486 1.7098 2.22%
GBP/NZD 1.9052 1.9217 1.8613 3.14%
GBP/CAD 1.7316 1.7308 1.6757 3.18%

Today's Market Highlights

This week’s economic data is fairly back weighted, with the focus being Wednesdays UK average earnings release (forecast to hold at 2.5%), alongside the PMI series from the eurozone. The attention today lies with the eurozone meeting expected to start at 14:00. Investors will be looking for any comments regarding Brexit, EU Rate decision and QE (Quantitative easing). Canadian dollar investors will also be keeping an eye on Wholesale sales data, scheduled for release at 1:30pm, forecasting a 1% uplift.