Currencies Brief – 1st September 2017

Pound steadies

UK consumer confidence has improved slightly but it has remained gloomy says Currencies Direct, the UK based foreign exchange broker. the EU’s chief negotiator, Michael Barnier, claimed that no decisive progress had been made during the latest round of Brexit talks, criticising the UK’s approach to the so-called ‘Divorce bill’ the EU is demanding the UK pays before issues such as trade can be negotiated and GBP/EUR slid lower. The full article can be read in this link - https://www.currenciesdirect.com/en/news/currency-news/pound-weakens-as-eu-barnier-claims-no-progress-mad

Pound sterling steadied above $1.29 on Friday, gaining back some initial losses in morning trade because a survey showed that British factories grew more than expected, suggesting that the economy might be picking up. The full article can be read in this link - https://in.reuters.com/article/uk-britain-sterling/data-props-up-sterling-after-worst-month-since-october-idUSKCN1B20TE

Dollar in pressure

The dollar stayed off this week’s lows in cautious trading on Friday.  The full article can be read in this link - http://in.reuters.com/article/global-forex/forex-dollar-pressured-by-lukewarm-u-s-data-as-jobs-report-awaited-idINL4N1LI258

Euro Sinks

“The ECB story expressing some concern about the euro strength was to manage market expectations, but we think the impact will be temporary as the currency remains a ‘buy on dips’ story,” said Christin Tuxen, an FX strategist at Danske Bank. The full article can be read in this link - https://in.reuters.com/article/us-global-forex/euro-slips-after-six-months-of-gains-ecb-eyed-idINKCN1BC3GD

Yuan Gains

Chinese currency yuan strengthened against dollar to a fresh 14 month high. The full article can be read in this link - https://in.reuters.com/article/uk-china-yuan-midday/chinas-yuan-hits-fresh-14-month-high-after-best-month-idUSKCN1AX0CA

Rupee flat

Angel Broking said, “USDINR spot is expected to strengthen tracking gains in the Asian market currencies following the robust release of manufacturing PMI data from China and weak DXY.” The full article can be read in this link - http://economictimes.indiatimes.com/markets/forex/rupee-opens-flat-at-63-91-against-us-dollar/articleshow/60319048.cms

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