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Foreign Exchange

  • Sterling gained ground on both the euro and US dollar on Friday.
    • GBP/EUR opened at 1.1498, trade a low of 1.1458, a high of 1.1524 and closed at 1.1519 representing a 0.16% increase on the day.
    • GBP/USD opened at 1.3035, traded a low of 1.2968, a high of 1.3079 and closed at 1.3053 representing an increase of 0.14%.
  • The BBC reported that Downing St had been warned that dozens of normally loyal Conservative MPs could rebel against the government in an attempt to prevent a no-deal Brexit.
  • Shadow foreign secretary Emily Thornberry said group of MPs that left Labour to form the Independent Group have ‘betrayed’ their seats and would be ‘crushed’ if by-elections were held.
  • German Ifo business climate came in at 98.5 vs 99.0 expected.
  • Canadian core retail sales m/m came in at -0.5% as expected and retail sales m/m came in at -0.1% vs 0.0%.
Overnight
  • New Zealand retail sales q/q came in better than expected at 1.7% vs 0.5% expected and core retail sales came in at 2.0% vs 0.8%.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading 1.8240, 1.8977 and 144.72, expected.
Today
  • Theresa May has been accused by pro-Brexit MPs of wasting time by pushing the next parliament vote on Brexit to the 12th March.
  • It looks like a quiet day ahead in terms of economic data
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1508 -0.10
GBP/USD 1.3066 +0.09
EUR/USD 1.1354 +0.21
AUD/USD 0.7167 +0.60

Reproduced with permission of GODI

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