Return to Currency News Friday February 21st 2020

Pound shows some life as UK data beats expectations

Headlines

  • Pound shows some life as UK data beats expectations
  • Euro continues weakeness
  • USD strength

GBP

  • The pound fought back against the stronger dollar on Friday after UK purchasing managers indexes showed British factory output rose and beat expectations. Sterling hit a hit of 1.2928 vs the GBP and 1.1954 vs the EUR The pound continues to trade within a fairly tight range across a basket of currencies as markets and investors await the start of the UK EU trade talks.

EUR

  • The Euro continues its weak trading patterns, currently trading just above the three year lows versus the dollar. An index EUREER=ECBF compiled by the European Central Bank and closely tracked by policymakers shows that this month’s fall on a trade-weighted basis has taken the euro back to its levels of April 2017. It is down 2 percentage points this year, the biggest move since 2015.

USD

  • Across the board, the USD was trading at highs yesterday, particularly against the yen and euro. The U.S. economy is showing no signs of losing steam, U.S. Federal Reserve Vice Chair Richard Clarida said in an upbeat assessment of the outlook that showed little alarm about the coronavirus outbreak.
Amir Mehrad
Market update by Amir Mehrad

14 years experience in deliverable foreign exchange, over 7 as CEO of Effective FX

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