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Market Reports

8:43am, June 27th 2019

Greenback getting stronger…

The mid-week trading session created little to write home about. However, one thing was very apparent – the US dollar found more friends. This follows a multi-day string of losses for the currency after Jay Powell and the Fed offered up a dovish serving at last week’s announcement.

The buck continued to trade firmly on Wednesday, briefly pushing into the lower halves of the $1.26 and $1.13 against the pound and euro, respectively. The morning session saw a neutral performance from BoE governor, Mark Carney, who was speaking at a Parliamentary select committee hearing. The neutral tone actually saw the pound perk up a little, most likely a relief move due to markets having priced in the usual dovish stance from the central bank boss.

The afternoon saw an important durable goods orders report from the United States. As mentioned in previous reports, US data-points will now take on additional importance as they’ll be the key indicators in determining just how fast and aggressive the Fed begin to decrease the level of interest rates. The data had both good and bad elements to it yesterday, overall, with sentiment already negative due to the general decline in US data, the report was on a net basis positive for the buck which has kept it supported into Thursday’s trading session.

The main highlight of today’s trading session will be the 3rd and final release of US Q1 GDP. The report is expected to see no change from the 3.1% 2nd reading, however, should there be any deviation from this numbers then there could be a move in the greenback.

Written by Viv Savani. 8:43am, June 27th 2019

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 International Payments 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.

Previous Reports

8:34am, September 17th 2019

Greenback starts the week on the front foot, oil surges…

View Report
9:34am, October 2nd 2019

Sterling jumps as Brexit headlines filter through thick and fast…

View Report
8:44am, September 18th 2019

All eyes on the Federal Reserve…

View Report


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