Market Report for 16/08/2017


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.
Sterling pushed lower as inflation data misses expectation…
The pound declined yesterday as UK inflation data came in softer than forecast, printing 2.6% vs. 2.7% forecast. This release reinforces the theory the Bank of England will remain on hold for a prolonged period of time, possibly not even considering any action until the second half of 2018! Following the release the pound broke through the $1.29 and €1.10 support levels. Across the day the pound traded with a heavy tone, unable to muster recoveries against either of the currencies.

US retail sales printed much better than forecast yesterday lunchtime, offering another boost for the greenback. On a trade-weighted basis the buck has now had its best consecutive 2-day streak in over 6-months. There is potential for this to continue with the Federal Reserve meeting minutes scheduled for release tonight. The minutes should include detail on the prospects for an announcement at next month's meeting where it's widely expected the Fed will confirm its intention to imminently begin reducing its $4.5 trillion balance sheet.

Today also holds another 1st tier data release from the UK. This time we're offered a snapshot of the UK labour market.

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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