Daily Update - 14th August 2018
The week started with no major reports. The only mid-tier report was from China Foreign Direct Investment which came out low as 1.1% from 1.3% previous. Risk aversion dominated the financial world at the beginning of the week, with the USD and the JPY gaining ground against all of their major rivals, with dollar's demand overshadowing pretty much everything else, as even gold prices sunk to fresh yearly lows. The EUR/USD pair traded as low as 1.1362, briefly recovering the 1.1400 level early US session but unable to hold on to gains. Britain's pound declined sharply against the dollar on Monday as stronger dollar and uncertainty over whether Britain would secure a trade deal with the European Union weighed on pound. Sterling lost almost two percent of its value last week because of growing unease among investors that Britain was headed for a future without an established relationship with its largest trading partner, the EU. In Germany Harmonized Index of Consumer Prices will be released which measure of prices used by Governing Council of EU to define and assess price stability in the euro area as a whole in quantitative terms. The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. From the UK Average Earnings Including Bonus and also Excluding Bonus is released. Average Earing Including Bonus released by the National Statistics is a key short-term indicator of how levels of pay are changing within the UK economy. Average Earning excluding Bonus is a key short-term indicator of how levels of pay are changing within the UK economy. It can be seen as a measure of growth in "basic pay". A better-than-expected expansion in the GDP figures for Europe's economic power-house could provide extra legs to the ongoing corrective upside to the EUR/USD pair.Yesterday’s Market
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