Daily Market Brief – 7 March 2016

Market flat on the open

Quote of the day: “Price is what you pay, value is what you get!”

March 7th: Highlights

  • Sterling softer with risk aversion
  • EUR supported by ECB meeting this week
  • USD weaker as Friday’s NFP data disappointed

Market Comment

This morning has been pretty quiet, with no data releases scheduled on the calendar today. Tomorrow morning we’ll see Carney testifying in front of the Treasury Select Committee, where it is likely his opinions will be sought on the referendum implications, which could drive volatility as investors are looking for reassurance on Britain’s future.

On the open, Sterling has struggled to make any headway. Risk aversion is still holding GBP down, with the shadow cast by the EU referendum was joined to by disappointing UK data, adding to prevailing sentiment that the BoE is unlikely to raise interest rates until late 2017.

Considering your next transfer? Log in to compare live quotes today.

On Friday, the Non-Farm Payrolls disappointed – the data showed an increase in jobs created (+242k) but the wage inflation element softened more than in February. This was taken badly by the market, as wage inflation is a key metric needed to support further rate increases in the US, and the USD lost ground.

EUR/USD pushed up to the week-high when Non-Farm Payrolls failed to support USD. This morning, industrial order data from Germany at -0.1% (Vs. -0.3% forecast) added pressure to EUR performance and highlights the frailty of the EU recovery. This week, we have the ECB rate decision on Thursday, where the expectation is for an increase in the QE measures and Germany’s CPI inflation data on Friday.

Have a great day!

85% savings. Job Done. So, what is the secret sauce of the CurrencyTransfer.com marketplace?

CNBC Logo

CNBC described us as ‘disrupting global money transfer’. Finally, you kiss goodbye to hidden fees.

How are we innovating?

Well, we are not an expensive bank costing you up to £1,500 on every £50,000 trade. Neither do you ever need to ring around multiple brokers and speak to sales guys. Pretty inaccurate way of shopping around. We help you maximise the value of each transfer. Quite simply, you are in control. Foreign exchange companies compete in a LIVE marketplace to win your business.

You win!

Got a question? We’d be delighted to help!

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

0 Comments

Leave a reply

Your email address will not be published.