Excerpt from today’s Daily commentary: Eurozone frailties continue, even after German GDP signalled being the fastest growing economy in 4th quarter of 2016 at 1.2% yesterday as concerns over the outcome of the French presidential elections have continued to test GBPEUR close to the 1.190 levels it had eclipsed earlier in the week… EURUSD also retested the 1.0530 levels in the early session as a poll overnight showed Marine Le Pen only 10 points behind conservative Francois Fillon… The dollar continued its recent struggles as initial jobless claims unexpectedly rose last week to 244K against a forecasted 240k pushing GBPUSD to 1.2560
Research by corporate forex broker Foenix Partners found that imports of roses will, in sterling terms, be around 11 per cent more expensive than they were last year.
“It is no coincidence at all that we’ve seen such a sharp drop off in the number of players being bought from Europe. “Premier League clubs that we deal with have been looking at players but there hasn’t been any follow through and they haven’t sealed any deals.”
Richard de Meo quoted in City A.M.
“Theresa May’s speech began with caution and a heavy dose of sympathy for euroskeptics, but a desire to use this ‘moment of change’ to reach beyond Europe’s borders and recall a British culture that is ‘profoundly internationalist’ gave the rhetoric a grandeur and a sense of optimism.”
Richard de Meo quoted in MarketWatch
“As inflation is boosted towards the Bank of England’s target of 2%, the trajectory is worryingly fast, potentially leading to levels post 3% in the medium term – something which Mark Carney will not welcome as wages could likely stifle in comparison for the average UK worker”
Alex Lydall quoted in Currency Watch