Daily Update - 24th April 2018
The Euro and Pound slipped lower against the Greenback due to a 3% rise in US Treasury yields thanks to ease of tension between US and North Korea while negotiations between China and US made positive progress favoring the Dollar. In terms of Pound, PM May suffered another defeat in Britain’s Upper House Over EU Rights and comments by Carney that the data was “mixed” hit the currency hard and sending it down almost 1.7% for the week. Investors and Analysts believe the possibility of Bank of England could delay raising rates until later in the year. Also, mainly looked upon economic data will be the GDP figures due later in the week for signs of how the economy was holding up and whether it pointed to a Bank of England ready to Hike Rates. All reports which came out from US has been positive in terms of results and this was the other reason why the Dollar was further boosted upwards. From Germany we will see release of IFO reports which will showcase current conditions and business expectations in Germany. UK will then release public sector net borrowing which captures an amount of new debt held by the U.K. governments. The day will end with Mid-tier Housing data from US.Yesterday’s Market
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