Sterling plummets, Yet Again

Further sell off for the pound sees fresh lows

Previous Day's Market Highlights

Sterling continued to fall against the G10 currencies, following the trend from the past week. Brexit concerns are still in the headlights, which is ultimately putting pressure on Sterling. Markets have continued to react to subdued UK data, with the Budget showing no growth support moving into 2019. FTSE is at its lowest level since April, despite the weak pound. The Eurozone saw the release of GDP and CPI figures, with German inflation growing faster than expected and Italian GDP not growing at all against the previous quarter. The Eurozone on the whole continued to grow by 0.2%, this however was less than the 0.4% growth that was expected.

Currency Pairing 08:00 Today Vs 08:00 Yesterday Four-Week High Four-Week Low % Change
GBP/EUR 1.1225 1.1463 1.1172 2.54%
GBP/USD 1.2741 1.3257 1.2693 4.25%
EUR/USD 1.1351 1.1620 1.1334 2.46%
GBP/AUD 1.7986 1.8735 1.7871 3.77%
GBP/NZD 1.9493 2.0481 1.9338 5.58%
GBP/CAD 1.6728 1.7286 1.6635 3.77%

Today's Market Highlights

This morning saw the Bank of Japan press conference which nothing of note was mentioned, they did however reduce their price forecast which weakened the Yen. German retail sales posted a figure below their forecast showing spending has increased at a much slower pace, with Spanish GDP remaining level on the previous quarter at 0.6%. For the remaining part of the day we can look forward to Eurozone flash inflation which is expecting to show a slight increase on the previous month, unemployment in the Eurozone is also set to remain level. In the lead up to Friday’s non-farm payroll we can look forward to the estimate today which is forecasting to post a slower increase compared to the previous month; we also have the release of Canada’s GDP which is set to remain stagnate on the previous month.

Today's Economic Calendar

Time Currency Release Consensus Previous
10.00am EUR CPI Flash Estimate (y/y) 2.2% 2.1%
12.15pm USD ADP Non-Farm Employment Change 188k 230k
2.00pm CAD GDP (m/m) 0 0.2%