Currencies Brief – 25th August 2017

Pound had some support from the second quarter GDP figures. Only on Monday will we get to understand how market would react for  European Central Bank (ECB) President Mario Draghi’s comments. The full article can be read in this link - https://www.currenciesdirect.com/en/news/currency-news/uk-gdp-data-props-up-pound-as-markets-eye-today%E2%80%99s

“Broader markets are happy to push sterling lower with any negative news, and there is a big gap opening up between the outlook of both the eurozone and the U.K economies,” said David Madden, a markets analyst at CMC Markets in London. The full article can be read in this link - http://uk.reuters.com/article/uk-britain-sterling-idUKKCN1B20TE

Federal reserve swaps 36 million dollars with the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank, and the Bank of Japan in order to respond to the strains in short-term funding in Europe markets. The full article can be read in this link - http://uk.reuters.com/article/uk-fed-forex-swaps-cenbanks-idUKKCN1B42ID

The Chinese currency yuan finished flat with dollar over a week on dollar demand from the corporates. The full article can be read in this link - http://uk.reuters.com/article/uk-china-yuan-midday-idUKKCN1AX0CA

"We really don’t expect much action from Jackson Hole, but our traders certainly won’t be headed to the pub quite as early this week," said Karl Schamotta, director of foreign-exchange research and strategy at Cambridge Global Payments in Toronto. The full article can be read in this link - https://www.bloomberg.com/news/articles/2017-08-24/fx-market-ripe-for-volatility-with-jackson-hole-expectations-low

The rupee gained 8 paise with dollar selling and firm stock markets. The full article can be read in this link - http://economictimes.indiatimes.com/markets/forex/rupee-swings-back-to-2-week-high-of-64-04-gains-8-paise/articleshow/60211423.cms

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