Market Report for 26/04/2017


EURUSD
$
3 MONTH TREND –
Resistance $
Support $
GBPUSD
$
3 MONTH TREND –
Resistance $
Support $
GBPEUR
3 MONTH TREND –
Resistance €
Support €
GBPUSD GBPCHF
GBPEUR GBPAED
GBPJPY GBPSEK
GBPAUD GBPDKK
GBPNZD GBPCZK
GBPSGD GBPHKD
GBPCAD GBPTHB
EURUSD GBPZAR
GBPSAR GBPNOK
The prices shown are “mid-market” exchange rates and are not the rates that you will be offered by Cornhill. Your rate will be determined by the amount of currency that you are buying. Please speak with your dealer for a live quotation.
Whispers of a more hawkish ECB announcement keep the euro well bid…
Yesterday's market chatter over the potential for a more hawkish statement from Mario Draghi kept the euro well supported, allowing it to gain additional ground against both the pound and US dollar. The catalyst for the gains came from Reuters news agency, who released comments from ECB sources stating: some or all references to "prevailing downside risks" to the outlook may be taken out of the statement. Additionally, reference to further possible rate cuts or larger QE purchases may be removed too. As these headlines hit the wire the euro saw a move which took it above $1.09 versus the greenback and below 85p on the EURGBP rate (€1.1764). The euro has held onto these gains heading into the midweek trading session. Should speculation increase over the possibility of a more hawkish Draghi now French election risks appears to have subsided, it's conceivable the euro could continue its progression against the aforementioned currencies.

Today's session is exceptionally light on the economic data front. Outside of Canadian retail sales numbers the market will largely be watching out for President Trump's comments on tax reform. There's been a huge amount of hype over this subject. Every time it's been mentioned by White House officials over the last few months we've seen the dollar immediately boosted along with global stock markets too. The reality is, if Trump doesn't deliver, it's very possible the next bout of significant FX market volatility is spurred by this let down rather than by central banks who have been the largest influence on markets since the financial crisis.

EURUSD EURUSD
GBPUSD GBPUSD
GBPEUR GBPEUR

written by Vivek Savani
0207 710 9638

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill FX limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information. Cornhill FX Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 504494, for the provision of payment services. Cornhill FX Limited is a registered MSB with HM Revenue & Customs – Reg No: 12267307. Cornhill FX is a limited company registered in England and Wales. Registered number:6260585. Registered office: 4th Floor, 18 St Swithins Lane, London, EC4N 8AD.

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