Currencies Brief – 5th September 2017

Pound under pressure

The pound found itself reacting unusually strongly to yesterday’s construction PMI says Currencies Direct, the UK based foreign exchange broker. The full article can be read in this link - https://www.currenciesdirect.com/en/news/currency-news/uk-construction-sector-slowdown-pressures-pound

Dollar steady

“The market looks to have already priced in North Korea’s nuclear test. While caution towards the North conducting another missile launch is limiting the dollar’s upside, at least the market can be mentally prepared for it,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities. The full article can be read in this link - https://www.reuters.com/article/global-forex/forex-dollar-steadies-after-pondering-n-korea-headlines-u-s-policies-in-focus-idUSL4N1LM02Z

Euro higher again

“Any attempt to jawbone the currency lower by the ECB will be limited in its impact as the broader market expects policymakers to stick to their plan of gradually unwinding its policy stimulus,” said Peter Rosenstreich, head of market strategy at Swissquote in Switzerland. The full article can be read in this link - https://in.reuters.com/article/uk-global-forex/euro-tiptoes-higher-again-as-ecb-eyed-idUSKCN1BG0UG

Yuan gains

“It looks like the yuan uptrend or at least stabilization will be able to continue, and this will help the offshore yuan bond market,” said Wu Qiong, a Hong Kong-based analyst at BOC International Holdings Ltd. “Issuers are closely watching the changing relative cost between onshore and offshore.” The full article can be read in this link - https://www.bloomberg.com/news/articles/2017-09-04/yuan-s-new-role-as-haven-is-last-great-hope-for-dim-sum-bonds

Rupee lower

According to angel broking, “USDINR spot is expected to weaken tracking losses in Asian market currencies following tensions surrounding over Korean Peninsula.” The full article can be read in this link - http://economictimes.indiatimes.com/markets/forex/rupee-opens-5-paise-lower-against-us-dollar-at-64-05/articleshow/60371980.cms

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