As Sterling has hit a year-to-date low this week, the US Dollar has rallied and, in turn, trades at its highest value of 2018 so far. The market snapshot this morning shows a flat Pound Sterling along with a dampened Euro. Despite weak inflation data in the Eurozone being announced this morning, the single currency has proved resilient. Losing moderate value this morning following an uneventful yet positive interest rate announcement yesterday evening, the US Dollar trades down almost 0.3% on a trade weighted basis. The Rand has been particularly volatile over the past few days while technical pressures spilling over from the Dollar’s two-week-long bull run create emerging market turbulence. Following a chronic weakness yesterday, on average, the Rand now trades 0.35% higher versus its counterparts. Despite a data-heavy end to the week, the salience of many statistics announcements will be limited. In the United States, a Labour market survey scheduled to be released tomorrow afternoon London-time could prove to be risky for the Dollar.
Discussion and Analysis by Charles Porter
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