If you are looking to buy face masks for home or work please visit http://www.earthchild.org/. For each mask purchased an equal quantity is donated to Save The Children. Earthchild supply and source PPE and imports it into the UK
GBP>EUR – 1.1003
GBP>USD – 1.2542
EUR>USD – 1.1398
GBP>CAD – 1.7037
GBP>AUD – 1.7955
GBP>SEK – 11.377
GBP>AED – 4.6062
GBP>HKD – 9.7230
GBP>ZAR – 21.000
· EUR EU Leaders Special Summit
· CAD Retail Sales (MoM)(May)
· USD Michigan Consumer Sentiment Index(Jul)
- EUR Focus on weekly close & EU summit
- GBP Mildly bid under
- Gold Erases weekly gain on USD strength
- China Unexpectedly strong growth not what it seems?
Cable has settled near 1.2550-1.2600, showing little net change from week-ago levels although having seen some whippy price action in the interim. Cable printed a three-day low at 1.2520 yesterday, while EUR-GBP edged out a three-day high at 0.9096 (1.09794) before running out of upside puff, leaving Tuesday’s 17-day high at 0.9116 (1.0970) unchallenged. Expectations for EU leaders to green-light the proposed EUR 750 bln recovery fund at the EU leaders’ summit today has been a factor underpinning EUR-GBP recently. From here, analysts anticipate only limited upside potential for the pound, 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 planning free ports and competitive tax cuts, which would rule out any chance of a broad trade deal being made with the EU. Negotiations are 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. An update on this week’s round of talks is likely at some point today.
Currencies have hunkered down in narrow ranges, with the dollar and yen consolidating after rising against most other units yesterday. Global stock markets are lacking direction, too. The persisting pandemic remains a concern for investors, and even though the lack of fresh cases in many reopened countries which experienced pronounced infections (including to no-lockdown, no-mask Sweden) — pointing to herd immunity, with the 2020 virus/all-cause mortality curves now looking like nothing more than a bad respiratory illness season — is going largely unreported. Offsetting pandemic concerns are expectations for the U.S. and other countries to extend “the first wave” fiscal support packages before they expire, while EU leaders will later today meet to move the proposed EUR 750 bln recovery fund toward fruition. Among currencies, EUR-USD settled just above the three-day that was seen yesterday at 1.1370. USD-JPY plied a sub-20 pip range in the lower 107.00s, and EUR-JPY, other yen crosses, were similarly directionally challenged. AUD-USD held in a narrow range above yesterday’s three-day low at 0.6963. AUD-JPY did likewise. USD-CAD edged out a two-day high at 1.3589, extending a rebound from Thursday’s eight-day low at 1.3500. Front-month WTI crude prices remained in a narrow-range consolidation below the three-week high seen earlier in the week at $41.26. Highlights on the calendar today include eurozone June inflation and U.S. consumer confidence data, neither of which are likely to impact markets much. Market participants will also be watching the White House for a decision on whether President Trump will follow through on his threat to ban Chinese Communist Party members from travelling to the U.S.
XE Market Analysis Europe – 17th Jul 2020
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