PDQFX Menu

// GBP

Wednesday 1st March 2017

In testimony to the Treasury Select Committee, new Monetary Policy Committee (MPC) member Hogg stayed close to the bank’s recent script.

In testimony to the Treasury Select Committee, new Monetary Policy Committee (MPC) member Hogg stayed close to the bank’s recent script and there was no market impact. There was choppy trading surrounding the Afternoon fix, but the UK currency was unable to gain sustained support, especially with real yields continuing to move against Sterling. The Euro edged towards 0.8550 on the day and the UK currency was unable to hold above 1.2450 against the dollar. Scottish First Minister Sturgeon stated that a new independence referendum may be the only way for Scotland, maintaining a significant element of market unease surrounding the political outlook and the government could face defeat on in the House of Lords on an amendment to the Brexit Bill. Dollar developments dominated as Sterling retreated to below 1.24. The latest PMI data will be watched closely on Wednesday while shop prices fell 1.0% in the year to February.

// EUR

Wednesday 1st March 2017

The Euro traded in narrow ranges during the European session on Tuesday.

The Euro traded in narrow ranges during the European session on Tuesday with resistance on approach to the 1.0600 area and little in the way of fresh Euro-zone developments as concerns surrounding the French Presidential election eased slightly.

// USD

Wednesday 1st March 2017

US fourth-quarter GDP was unrevised at 1.9% compared with expectations of an upward revision to 2.1%.

US fourth-quarter GDP was unrevised at 1.9% compared with expectations of an upward revision to 2.1% as a higher estimate for consumer spending was offset by a downward revision to government spending and investment. The Chicago PMI index was notably stronger than expected with an increase to 57.4 for February from 50.3 with robust gains in employment and prices on the month. The latest consumer confidence reading was also stronger than expected with an increase to 15-year highs of 114.8 from 111.6 in January which underpinned confidence in the spending outlook.

The dollar was still unable to gain any support as the Euro broke above 1.0600 with choppy trading into the London fix. San Francisco Fed President Williams stated that a March rate increase was up for serious consideration given full employment and accelerating inflation which provided fresh dollar support. New York Fed President Dudley stated soon after, that the case for interest rate increase is now more compelling and that there had been a very large rise in household confidence together with very buoyant financial markets. Dudley’s comments had a more substantial impact in boosting the US currency as futures markets indicated that the chances of a March rate increase were now well above 50%. The Euro retreated to test support near 1.0550 as the dollar gained strong support against all majors.

// Rates

Wednesday 1st March 2017

Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)

GBP/USD: 1.2379

GBP/EUR: 1.1740

GBP/AUD: 1.6156

GBP/CHF: 1.2491

GBP/ZAR: 16.2126

GBP/JPY: 140.6190

USD/ZAR: 13.0891

EUR/USD: 1.0541

EUR/ZAR: 13.8004

GBP/NZD: 1.7355

GBP/CAD: 1.6500

GBP/AED: 4.5417

Sign up to receive our daily currency updates

PDQFX

Sign up to receive our daily currency updates