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Sterling falls to six week low against resurgent Dollar
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23 August 2017
Senior Market Analyst at Ebury. Providing expert currency analysis so small and mid-sized businesses can effectively navigate international markets.
Sterling sank to a six week low against a resurgent US Dollar on Tuesday, which rallied on almost every major currency amid thin summer trading.
Fears over the Brexit negotiations were partly to blame for Sterling’s decline on Tuesday. The UK currency has now lost near 9% of its value against the Euro since mid-April alone and Sterling bulls will now be hoping Thursday’s GDP numbers provide some respite from the currency’s sharp sell-off.
The Euro also retraced all of its gains so far this week yesterday, receiving little help from the monthly ZEW economic sentiment survey. The main German index from ZEW was fairly dire declining for the third straight month to 10.0 from 17.5, suggesting businesses in Europe’s largest economy are less optimistic about the future. Sentiment in the Eurozone slumped sharply in August with the index declining to 29.3 from 35.6.
We now look to this morning’s business activity PMIs out of the Eurozone as the next major event risk for the currency. The composite index is expected to show a modest slowdown in August following a decline in the manufacturing sector. Federal Reserve member Kaplan will also be speaking ahead of Friday’s far more significant appearance from Chair of the Federal Reserve Janet Yellen.
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