Sterling maintained a solid tone against the dollar ahead of the US open on Thursday
SGM-FX Fri 17 Feb 2017
Sterling maintained a solid tone against the dollar ahead of the US open on Thursday, but continued to hit resistance above the 1.2500 level. The Euro regained the 0.8500 level which helped underpin confidence with a further advance to the 0.8550 area as Sterling overall lost support with markets still wary over the risk of further medium-term losses. A slightly more defensive attitude surrounding risk appetite curbed Sterling support, although underlying selling interest above 1.2500 against the dollar was the more important factor.
Sources suggested that the government was looking to trigger Article 50 around the time of the March 9-10 EU Summit and the Brexit debate will sharpen again next week when parliament returns from recess. The latest retail sales data is due on Friday and another weak release would maintain expectations that there will be an underlying slowdown in spending as Sterling consolidated around 1.2500 against the dollar.
Related Insights
Daily Brief – Eurozone Growth
Humphrey Percy
Wed 17 Dec 2025
Eurozone Growth Those productive Germans have for the second month been less productive it turns out in December which was a surprise to the pointy heads deputed to monitor EU stats. The story is as follows: the German services sector remains relatively resilient but manufacturing output has declined. At present the French economy is doing the […]
Daily Brief – Chancellor Reeves
Humphrey Percy
Wed 5 Nov 2025
Chancellor Reeves Market observers were no better informed at the end of the Rachel Reeves speech than they were at the outset yesterday morning. The only surprise was that having comprehensively floated options in the past two months for inclusion in her November 26 Autumn Statement, that the Chancellor should have elected to speak at […]
Daily Brief – UK Economy
Humphrey Percy
Mon 15 Dec 2025
UK Economy The question is whether the contraction of 0.1% in the UK economy announced on Friday between August and October was as a result of the Chancellor’s economic strategy or due to her Hokey Cokey Budget that resulted in UK plc sitting on its hands for 3 months in the run up to November […]
