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31 Mar 2017

Corporate FX Daily Update 31.03.2017

EUR/USD 1.0683
GBP/EUR 1.1662
GBP/USD 1.2459


On the currency front, Sterling rallied again yesterday. Sterling traded at 1.1600 and 1.2500 against the Euro and Dollar respectively. Sterling furthered its growth overnight, reaching 1.700 against the Euro. Following CPI data from Germany & Spain the Euro fell, reducing pressures on the ECB to raise interest rates. Data released confirmed inflation in the Eurozone rose to 2% in February.


US Q4 GDP rose to a higher than expected 2.1% from 1.9%.Growth in 2016 was the slowest since 2011 being revealed at 1.6%. EUR/USD fell below 1.0700 in overnight trading and GBP/USD fell back below 1.2500.


Following the letting go of finance minister Pravin Gordan, the South African Rand fell to a nearly two-month low against the pound overnight.


Looking forward to today, the Eurozone inflation data will be in focus following the disappointing German CPI figures yesterday and the ECB’s worries that markets are being too quick in pricing a hike. The Euro could weaken on the release of a low print.


Other updates include:

  • The Canadian GDP figures are expected to remain unchanged at .3% (13:30 BST).
  • The US data for Personal Consumption Expenditures (13:30 BST) The Chicago PMI (14:45 BST).
  • The US Michigan Consumer Sentiment Index (Mar) (15:00 BST).
  • The MPC Member Haldane speaks at the Federal Reserve Bank (22:00 BST)




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