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Market Reports

8:41am, May 13th 2020

Sterling Takes a Hit

The pound was sold across the board yesterday as participants chose to exit the currency ahead of crucial UK data points released this morning. Sterling fell below the $1.23 handle against the US dollar, shedding 0.90% on the day. The move was as painful against the euro which saw the price almost break €1.13 to the downside.

This morning has seen a raft of UK data released at 7 am including Q1 GDP, April trade balance, and manufacturing output. To the surprise of many both the GDP and manufacturing numbers have come in better than expected albeit heavily negative. Q1 UK GDP saw a contraction of -2% vs. -2.5% expected. Sterling has been lifted as a result, rising 0.15% against the euro and US dollar.

Overnight the Reserve Bank of New Zealand held interest rates firm at 0.25%. The central bank indicated that it would be willing to provide more accommodation down the line. They highlighted the threat to the economy from a slowdown in other regions including China and Australia. The Kiwi dollar finds itself down over 1% against the pound at the time of writing.

Later today, Fed Chairman, Jerome Powell, will make a speech at 1 pm UK time. Speculation has been rife that the US may adopt negative interest rates in the future. President Trump has consistently been applying pressure through tweets, urging the Fed to assume a similar position to the European Central Bank. Significant focus will be on Powell’s speech with many expecting him to confirm the Fed is not considering this option. If so, the greenback may be in for another round of buying.

Written by Viv Savani. 8:41am, May 13th 2020

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

8:45am, June 1st 2020

Another Busy Week for Participants

View Report
11:33am, June 5th 2020

Euro In Fine Form

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8:34am, June 4th 2020

US Dollar Ready to Fight Back?

View Report


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