Foreign Exchange Daily Market Update 06/08/18

Mon, August 06, 2018

Sterling will look to U.K. data in hope to revive it.

The decreasing pound may need a bolt of positive U.K. data to help it recover from its losing run against the dollar.

Analysis will hope that data due out this week will give evidence of a strong economy and will help boost the pound. Sterling fell below $1.30 for the first time in seven weeks.  Many see Mark Carney’s comment that a chance of a no-deal Brexit was “uncomfortably high.

Analysis will turn their attention to gross domestic product, industrial production and trade data due Friday. The U.K. economy grew 0.4% in the second quarter. However, developments surrounding Brexit and possible escalation in the trade war between the U.S. and China could weigh down any sterling gains.

Sterling hovered close to $1.30 on Friday after falling to $1.2976, the lowest since July 19. It posted its fourth straight weekly decline against the dollar, its longest losing streak since January 2015. The pound fell to 1.1195 against the euro.

• Focus turns to growth and industrial production figures.
• Brexit and escalating trade war may hamper gains in sterling.

 Australia, Canada, Spain and India are all closed today due to national bank holidays

Data to look out today.   

Not much data due out today.

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