Sterling weak against the single currency
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October 13th: Highlights
- Sterling weak against the single currency
- Poor UK CPI figures released
- German inflation flat in September
- GBP/USD trading around 1.5246
- Global stocks fall on China data
Sterling Comment
Due to the US public holiday, GBP/USD saw low trade volumes, however it did move close to Friday’s high point, but closed out at 1.5346 levels. Fed officials are starting again to talk about rate hikes. GBP/USD is currently trading in the region of 1.5246.
This morning we saw UK CPI figures released, dropping 0.1% last month which caused an immediate stir in the markets and saw the pound lose ground against its major rivals. We suggest our clients watch the markets closely as this week there is going to be further high impact data which will cause sterling currency fluctuations
Global Comment
Yesterday, EUR/USD stayed in the 1.13 range closing at 1.1355 off from a high of 1.1396. EUR/USD is currently trading around 1.1375.
Global stocks fell this morning following fresh news that the China economy is slowing down. China’s exports dropped 3.7% in September and expected figures out next week which is likely to show poor quarterly growth figures. Demand for the Japanese Yen is up after weaker than expected Chinese imports. GBP/JPY hit highs above 184.00 following LiveSquawk reported that UK’s SAB MILLER and AB INBEV reached an agreement on acquisition for around 44 British Pounds per share.
Chinese trade data is also affect the Aussie and Kiwi Dollar. AUD/USD was down 0.54% to 0.7322, off Monday’s ten week highs. NZD/USD was down 0.45% to 0.6687 from Monday’s two month highs of 0.6739.
On the global front, keep an eye on PPI and CPI data emerging out of China, US retail sales figures and Business PMI from New Zealand.
Have a great day!
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