Sterling slumps to a three month low as ‘hard Brexit’ fears reappear, whilst prime minister May gets ready to announce her European exit timetable. In relatively thin FX trading conditions, due to the USA markets being shut for Martin Luther King day, the UK’s pound may have avoided more suffering during Monday. Sterling was hammered […]
Sterling plummets immediately markets open due to the UK government’s hard Brexit stance. With predictable regularity, the UK pound plummeted as FX markets opened on Sunday evening, due to various UK publications, such as The Sunday Times, suggesting that the prime minister Theresa May will insist on controlling her country’s borders as part of Brexit.
Based on the demand for safe haven assets, the Chinese lunar new year approaching and the ongoing cash ban turmoil in India, Gold has so far risen by circa 4% in 2017. Gold initially rallied to a seven week high on Thursday, as investors also rotated back into gold backed funds. The dollar declined (in
During the London trading session on Wednesday morning, there was a raft of publications from the UK’s official statistics bureau (the ONS) released, concerning the UK’s current economic performance. The markets and investors appeared to ignore the data on the: continual deteriorating balance of payments, balance of trade and visible trade balance, instead preferring to
The UK’s main index, the FTSE 100, has recently enjoyed its longest winning streak since 2011, printing record highs on each day. Although on closer inspection, it becomes apparent the rise is not necessarily performance driven. Due to the majority of the listed 100 companies being American, quite simply the plummeting pound (down circa 20%
The UK’s FTSE 100 index closes at record highs, whilst sterling takes a battering. Read More »
“And then I go and spoil it all by saying something like; “Brexit means Brexit”.” For any traders within our community, caught out by sterling’s sell off versus (just about any of) its currency peers, you deserve sympathy. The UK’s unelected prime minister Theresa May, opined on UK television on Sunday afternoon that a form
At one stage, during the New York trading session on Friday 6th January, the DJIA reached its highest point historically, reaching 19,999, just one point shy of the critical psyche ‘handle’ of 20,000. The UK’s FTSE 100 printed several record highs during the week ending the 6th January, ending the week at 7,210. Many economists
Let’s party like it’s 19,999. Read More »
Gold traders appear to be bullish for 2017 according to a recent survey, as the dollar comes under pressure. Friday is “NFP day”, let’s be prepared. In a recently published Bloomberg survey the analysts questioned appeared to indicate confidence for gold to rise during 2017. There were several factors suggested as to why it’s safe
MORNING ROLL CALL: Friday is “NFP day”, let’s be prepared. Read More »
The UK’s economic ability to withstand the impact of the Brexit referendum vote continues. The UK’s construction data for December, as measured by Markit and CIPS, came in at 54.2, well ahead of the previous print of 52.6 and exceeding analysts’ predictions. Net consumer credit rose by £1.9 billion for the last recorded month of
Certain European equity markets enjoyed a bounce during Tuesday’s trading sessions, primarily as a consequence of data emanating from Germany. Inflation beat expectations in Germany, beginning to threaten the 2% gauge the ECB considers as the target indicating that robust growth in the Eurozone is back on track. Moreover, should this inflation rate become the
