Today’s Rates & Market News

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 Today’s Rates

GBP>EUR – 1.1002

GBP>USD – 1.2530

EUR>USD – 1.1389

GBP>CAD – 1.6947

GBP>AUD – 1.7958

GBP>SEK – 11.410

GBP>AED – 4.6048

GBP>HKD – 9.7210

GBP>ZAR – 20.930

Today’s Calendar     

·         AUD    Part-Time Employment (Jun)     

·         AUD    Fulltime Employment (Jun)     

·         AUD    Employment Change s.a. (Jun)         

·         AUD    Participation Rate (Jun)     

·         AUD    Unemployment Rate s.a. (Jun)   

·         CNY    Gross Domestic Product (YoY)(Q2) 

·         CNY    Gross Domestic Product (QoQ)(Q2) 

·         GBP    ILO Unemployment Rate (3M)(May)     

·         EUR    ECB Interest Rate Decision   

·         EUR    ECB Deposit Rate Decision  

·         USD   Retail Sales Control Group (Jun)  

·         EUR    ECB Monetary Policy Statement and Press Conference     

 

Today’s Highlights

  • EUR ECB to take stock of recovery and rock surging EUR>USD
  • GBP Eyes on UK jobs
  • GOLD Bull-Bear tug of war ahead of US Retail Sales
  • JPY BoJ leaves rates unchanged but remains cautious

 

(https://frank-exchange.com/)

Markets

GBP

Cable printed a two-day low at 1.2536. From here, analysts anticipate only limited upside potential for the pound, with risks seen as remaining skewed to the downside given the risk that trade discussions between the UK and EU continue without a breakthrough. Officials have continued to report that they remain deadlocked over key issues. While there have been reports of “landing zones” on difficult issues coming into view, there have also been reports that the UK government is considering free ports and competitive tax cuts, which would rule out any chance of a broad trade deal being made with the EU. Negotiations are currently continuing in Brussels and are scheduled to continue through to the end of the month before resuming on August 17th after the summer break. October is being touted as the deadline, with the UK scheduled to leave the EU’s single market at year-end

World

XE Market Analysis Europe – 16th Jul 2020

The dollar has recovered most of yesterday’s losses. The narrow trade-weighted index lifted to a peak of 96.17, up from Wednesday’s five-week low at 95.78. The rotation higher in the U.S. currency was driven by a bout of risk aversion in global stock markets, which raised safe-haven demand for dollars. News that the Trump administration is considering a ban on members of the Chinese Communist Party and their families from entering the U.S.  which would mark a significant further deterioration in U.S.-Sino relations, sparked risk-off positioning in global markets. An earlier report that human trials in Oxford University’s candidate vaccine have been positive had little impact markets, with a leak of this yesterday having already familiarized markets. In the mix have been nagging concerns about a second wave of coronavirus infections, with Tokyo, for instance, reporting another daily record in new cases. Data today have included Chinese June production, which met expectations with growth of 4.8% y/y, and a 1.8% y/y contraction in Chinese June retail sales, which thwarted expectations for 0.5% growth. Australian June employment rose 210.8k, more than double the consensus forecast, though the jobless rate edged up to 7.4% from 7.3%. UK June labour data showed a partial rebound following the significant lockdown contraction. In currencies, dollar firmness weighed on EUR-USD, which tipped under 1.1400 after yesterday posting a three-and-a-half-month high at 1.1452. Cable printed a two-day low at 1.2536. USD-JPY saw little direction holding in a narrow range near 107.00, above the six-day low seen yesterday at 106.66. AUD-USD ebbed back under 0.7000, leaving yesterday’s five-week high at 0.7039. The risk-sensitive AUD-JPY cross edged out a two-day low. USD-CAD lifted out a one-week low at 1.3500. Front-month WTI crude prices corrected under $41.0 after yesterday pegging a three-week high at $41.26.

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited/Manor House Foreign eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result.  Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.

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