The Pound Defies Brexit Woes
February 1, 2018
Europe Market Movements
The GBP has generally sustained its recent gains against the USD, with it trading at 1.4168 at 7:08 AM GMT, down by only 0.14% from the same time yesterday. The EUR though has been falling this morning, down by 0.39% against the USD and by 0.16% against the GBP. All eyes on the European Manufacturing PMI this morning. Will it boost the EUR?
US/Canada Market Movements
The USD got some mild support yesterday from the FOMC statement but the general trend has not been reversed. Traders are now waiting for the impact of the NFP and unemployment figures tomorrow. The CAD has been feeing bearish against the USD today, down by 0.18%. There are no Canadian events scheduled today.
Asia/Oceania Market Movements
The JPY slid yesterday after the FOMC and the USD is now up by 0.38% from yesterday’s rates. Asian indices are trading higher this morning. This follows moderate gains in Wall Street following the Federal Reserve’s decision not to move interest rates. The Nikkei surged by 1.23%, the Kospi by 0.13% and the Sydney S&P/ASX 200 rose by 0.9%. China though has seen retreats, with the Hang Seng falling by 2.88% and the Shang Hai composite by 1.11%.
PayPal shares have plunged after eBay announced yesterday in its earnings report that it was being replaced with a new payments provider. Microsoft earnings beat expectations but stocks fell by more than 2%. Facebook also beat expectations. Stocks initially fell but they then recovered when the company’s CFO said that Facebook would benefit from the weaker USD.
|9:00 GMT||EUR: Manufacturing PMI|
|9:30 GMT||GBP: Manufacturing PMI|
|15:00 GMT||USD: ISM Manufacturing PMI|
|00:30 GMT+1||AUD: Producer Price Index|