News
30 Mar 2017

Corporate FX Daily Update 30.03.2017

MORNING RATES
EUR/GBP
0.8628
EUR/USD 1.0762
GBP/EUR 1.1546
GBP/USD 1.2428

 

Latest currency movements saw Sterling experience a small rally before settling yesterday as Prime Minister Theresa May portrayed a positive tone before the House of Commons and in the Article 50 notification letter. Sterling had come under pressure the previous day falling back below 1.15 against the Euro and below 1.25 against the Dollar.

 

The Euro tumbled to underneath 1.0750 against the Dollar on a Reuters report that the ECB would be reluctant to modify their policy message in April. Yesterday afternoon markets saw Fed speakers strike a hawkish tone, boosting the Dollar.

 

Fed members Fischer and Evans showed support for another two interest rate hikes this year, while Rosengren could see a possibility for up to three.

 

Following the triggering of Article 50 yesterday, todays markets focus on the next steps in the negotiation process. The Pounds will remain vulnerable to any headlines over the negotiation period.

 

Releases to keep an eye on today include:

  • The UK government’s white paper on the Great Repeal Bill
  • The Preliminary March German CPI (13:00 BST).
  • The US Initial Jobless Claims and final Q4 GDP (13:30 BST).
  • The US Fed speakers on the agenda are Kaplan, Williams, & Dudley (16:00, 16:15, 20:30 BST). A close eye will be on Fed members for hints on the timing on the next interest rate hike and the likely number of hikes this year.

 

 

 

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