After a quiet start to the European session, the US dollar suddenly took off for no apparent reason, pushing a range of US dollar pairs towards multi-month and multi-year levels. Get your market update from nickcawley1 here:
For all market-moving economic data and events, refer to theThe latest Bank of England Financial Stability Report makes for gloomy reading with the central bank warning that global financial conditions have worsened and that the outlook for the UK economy is ‘very uncertain’. The central bank highlights that higher prices, weaker growth and tighter financing conditions will mean that households and businesses will become ‘more stretched over the coming months’.
Cable is currently changing hands around the 1.2030 level and is eyeing a sub-1.2000 trade. The British Pound in itself isn’t particularly weak despite ongoing UK political problems, but the US dollar is taking no prisoners today and is breaking multi-month and multi-year records against a range of other currencies. Looking at GBP/USD, the next two levels of support come in at 1.1976 and 1.1934. If these are broken convincingly, a re-test of the October 2016 low at 1.1800 comes into view.
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