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Foreign Exchange Daily Market Update 26/03/18

Mon, March 26, 2018

Pound Rally May Lose Momentum After Recent Run of Positive News

The pound’s recent rally makes it vulnerable to a pullback.

Last week saw the currency’s peak since January, as the U.K. agreed a Brexit transition deal and the Bank of England continued expectations of a May interest-rate hike. With this week will attempt to drive the currency, the pound could be buffeted by global factors, such as from a U.S.-China trade war.

One-week unpredictability on the pound-dollar pair remains low, in terms of events, there is final fourth-quarter growth data on Thursday, but no changes are expected from a 0.4% initial quarterly reading, and as the week is shorter than normal due to the Easter Holiday.

“After a punchy rally this week, we’re looking for a bit of consolidation in the pound,” said a currency strategist at ING Groep NV. Naturally investors may look to take profit in the absence of any further short-term catalysts, while the trade war story gradually reduces the demand to chase any procyclical.

The pound is looking bright if you believe analysts who are forecasting that an interest-rate increase by the Bank of England in May shall not be the last time this year we could see a fluctuation in the currency.

The euro rose 0.1% to $1.2365, the strongest in over a week. The British pound climbed 0.2% to $1.4166, the strongest in over than seven weeks.


Data to look out today.   

8:30  GBP BBA Loans for House Purchase

8:30  GBP Record of Financial Policy Committee’s March Meeting




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Data Releases

Day Time Currency Event
MON EUR 06:45 EUR French Gross Domestic Product (QoQ)
MON EUR 06:45 EUR French Gross Domestic Product (YoY)
MON GBP 08:30 GBP BBA Loans for House Purchase
MON GBP 08:30 GBP Record of Financial Policy Committee's March Meeting.
MON USD 12:30 USD Chicago Fed Nat Activity Index
MON USD 14:30 USD Dallas Fed Manufacturing Activity
MON USD 15:30 USD U.S. to Sell USD51 Bln 3-Month Bills
MON USD 15:30 USD U.S. to Sell USD45 Bln 6-Month Bills
MON USD 16:30 USD Fed's Dudley Speaks on the Future of Financial Regulation
MON USD 17:00 USD U.S. to Sell USD30 Bln 2-Year Notes
MON USD 20:30 USD Fed's Mester Speaks on Monetary Policy
MON USD 23:10 USD Fed's Quarles to Speak in Atlanta

Foreign Exchange Rates

GBP / USD 1.4181
GBP / EUR 1.1456
EUR / USD 1.2378
GBP / CAD 1.8228
GBP / AUD 1.8342
GBP / CHF 1.3438
GBP / CZK 29.11
GBP / DKK 8.5349
GBP / HKD 11.12
GBP / INR 92.61
GBP / JPY 149.08
GBP / MUR 45.99
GBP / NOK 10.94
GBP / NZD 1.9472
GBP / PLN 4.845
GBP / SEK 11.64
GBP / SGD 1.8584
GBP / THB 44.18
GBP / TRY 5.628
GBP / ZAR 16.48

*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team

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