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Market Reports

8:35am, July 9th 2019

Quiet day in forex land…

Once again another fresh week has started on a quiet note. Summer trading conditions appear to be arriving thick and fast. While the pound traded in a 0.4 cent range against the US dollar it remained in what’s been essentially a 20pip zone against the single currency for almost a week now!

No major data-points were released yesterday, the market was simply trading off last week’s solid US jobs report. This has given the greenback a new layer of support. Expectations of near-term rate cuts are diminishing, which is making it hard for any of the majors to fight against what’s an increasingly resilient US dollar.

The next major test for the mighty buck arrives tomorrow. Sadly, today is another quiet day for economic numbers, however, we will be treated to a number of Federal Reserve member speeches. Both tomorrow and Thursday see Fed chair, Powell, testify to the legislature (House of Representatives and Senate). These 2 performances will be incredibly important. It is here where Powell will lay out evidence which either does or doesn’t support a rate cut later this month. Should the central banker hype up the possibility of a cut, whether it’s only for insurance purposes (i.e. to fend off any future threats to the economy) or not, then we should see a weaker dollar. On the flip-side, if Powell resists market pressure to cave into lowering rates then it’s all aboard the dollar train as it’s likely to steam forward against its counterparts!

Written by Viv Savani. 8:35am, July 9th 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

8:50am, September 23rd 2019

Brexit back in focus as Supreme Court decision expected this week…

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8:33am, September 26th 2019

GBP falls as Parliamentarians return to work…

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9:34am, October 2nd 2019

Sterling jumps as Brexit headlines filter through thick and fast…

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