Spread Betting Market Update: 26 Jan 2018
A quick look at the markets:
Trump’s Lip Service Support Can’t Save Dollar Ahead of New UK and US Q4 GDPDespite Trump stating that he wants a stronger dollar, and that Treasury Secretary Steven Mnuchin was misinterpreted in his Davos comments, the dollar was looking pretty queasy after the bell.
Admittedly Trump’s claim did help the dollar regain ground last night, preventing the currency from ending the day at fresh lows.
Yet investors quickly seemed to decide that the President’s comments were nothing but lip service, with the dollar falling 1% against the pound, keeping GBP/USD at around $1.426 (down from Thursday’s $1.43-crossing highs), and 0.8% against the euro, which is a smidge away from $1.25.
As for the battle between sterling and the euro, the former is attempting to claw back some of yesterday’s sharp losses, and isn’t doing a great job, rising 0.2% but remaining the wrong side of €1.1425 having crossed €1.15 at its Thursday peak.
Interestingly the FTSE seems to be more accepting of GBP/USD‘s growth than it has been for a few days. Its 25 point rise is really only the tip of the iceberg in terms of reclaiming its recent, 2018 low-hitting losses.
New GDP DataThere’s quite a lot for the markets to deal with today.
Not only does Trump address the Alpine masses this afternoon, there’s also the release of the first glimpse at the UK and US Q4 GDP readings, a pair of figures that may either break the dollar’s back or give it a much-needed glimmer of hope.
Currently it looks more likely to be the former.
UK GDP is expected to come in at 0.4%, the same as Q3.
US GDP is expected to slip from 3.2% to 3.0% at the annualised rate.
Content above supplied by Spreadex.
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