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Weekly Market Analysis July 24th 2017  |
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UK inflation data leaves pound sliding on poor outlook for spending and interest rates The pound tumbled versus its peers during the last week after poor inflation data left questions hanging over both the interest rate outlook and the weakness in consumer spending. GBP/EUR had fallen -2.7% to a nine-month low of €1.1121 by the weekend. GBP/USD softened by a lesser extent, falling -0.7% to US$1.2984. Vital UK GDP figures for the second quarter are due out this week, along with big releases from other nations. It promises to be a volatile week. What should you look out for? |
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Today's Rate The rates above are using the British pound (GBP) as the base rate. All rates are for indication purposes only. Prices can vary dramatically based on amount and delivery date. |
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| | "The outlook for both the economy and Brexit remained questionable, leaving little appetite for GBP on the market."  Transfer 24/7 with our currencies direct app   |
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Poor data sends pound tumbling as UK economic outlook takes fresh hit The pound did not have a good week last week. GBP was pushed lower thanks to a combination of political concern and poor economic data. The outlook for both the economy and Brexit remained questionable, leaving little appetite for GBP on the market. |
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Mario Draghi lights fire under euro with suggestion of autumn rate discussions European Central Bank (ECB) President Mario Draghi inadvertently gave the euro a shot in the arm last week. It looks like the Governing Council might start discussing changes to monetary policy in the autumn - news that created much excitement in the markets. |
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US dollar struggles on lacklustre data week The US dollar had a rather underwhelming few days thanks to a lack of data. There seems to be little chance of an interest rate hike in December and there were further concerns about President Donald Trump’s plans to stimulate the economy. |
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AUD, NZD boosted as RBA interest rate comments ignite risk appetite The Australian dollar saw wild movement last week thanks to comments from officials at the Reserve Bank of Australia (RBA). GBP/AUD tumbled to AU$1.6410 by the weekend. The New Zealand dollar got caught in the storm, although it also had some disappointing inflation data to contend with. Nevertheless, GBP/NZD slumped to NZ$1.7452. |
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