Daily Market Brief – 15 October 2015

A super Wednesday for British Pound

Quote of the day: “If you change the way you look at things, the things you look at will change”

October 15th: Highlights

  • Great Wednesday for Sterling
  • Positive UK employment data
  • GBP/USD moved over two cents, highest since Sep 22
  • Sterling strength versus Euro
  • Weak reports from the US

Sterling Comment

The British Pound had a strong day yesterday in the currency markets against a string of its rivals. This is a welcome return from Tuesday’s decline following poor inflation data. Sterling started to build momentum following excellent employment data released showing falls to 5.4% for the third quarter, posting the lowest figures of unemployment since 2008. At the more ‘gentle’ PMQ’ David Cameron made sure to ram this point home at his rival Jeremy Corbyn. GBP/USD moved over two cents over the course of the day, hitting highs of 1.5459 from opening at 1.5251. This represented the highest levels since September 22. GBP/USD is now trading at 1.5484.

The strength of the British Pound was seen against the Euro yesterday, closing above 1.3500 and now trading in the region of 1.3532.

Global Comment

The US Dollar felt pressure yesterday following poor retail sales figures showing barely any growth. Data also showed the Producer Price Index dropping at its biggest levels in 8 years, below expectations of -0.7% to -1.1%. The Euro capitalised on the sell off by investors of the US Dollar to gain over 0.5% in the day, breaching the 1.14 key significant levels of resistance. Whilst the pair did briefly flirt with 1.15 levels, we are now seeing EUR/USD trade in the region of 1.1446.

There were raised concerns yesterday over the China economic slowdown. The Consumer Price Index and Producer Price Index came in below expectations, posting 1.6% and 0.1%, worse than forecasts which projected 1.8% and 0.5%.

Aussie unemployment fell lower than forecasts, posting 6.2% against the predicted levels of 6.3%. GBP/AUD is currently trading at 2.1123.

Have a great day!

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Paul Plewman

Paul Plewman
Director of Sales & Operations
t: +44 (0) 20 7096 1036
e: paul@currencytransfer.com

Paul Plewman, Director of Sales & Operations, has over 10-yrs experience in International Payments before joining the CurrencyTransfer.com team. Follow Paul on Twitter @fxplew

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