top of page
Search

13th February

Updated: Feb 27, 2023

Top Currency Pairs Monday 13th February 04:00 UTC GBP/USD: 1.20430 (Last Week: 1.20300) EUR/USD: 1.06622 (Last Week: 1.07900) GBP/EUR: 1.12950 (Last Week: 1.11704)


Market News

Pound Sterling GBP enjoyed a healthy boost on Friday morning after positive GDP data coming out of the UK. Despite the economy stalling for Q4, the country avoided a technical recession last year so the report was looked upon favourably. Looking forward, inflation is set to be released this week as well as jobs data. After leaning towards the end of its tightening cycle in announcements made recently, investors will be hoping for data that would steer the next Bank of England to hike rates again in March. The inflation report on Wednesday is expected to show price increases in the double digits, with wage growth to continue rising. These releases along with narrative surrounding GDP data should put GBP in a volatile position.


Euro Underperforming economic data from the Eurozone and its largest economies meant the Euro faced headwinds for much of last week. Most notably, retail sales fell by 2.7% in December which exceeded predictions and marked the biggest decline since the beginning of 2021. This was closely followed by poor German industrial production, and despite inflation falling more than expected, it raised fears that the ECB may alter their recent hawkish tones. The strengthening US Dollar compounded the downside pressure as we look towards revised GDP tomorrow. ECB President Christine Lagarde is also set to speak on the bank's annual report on Wednesday in Strasbourg. Investors will be keeping a close eye on any clues on the economic situation.


U.S. Dollar The Dollar edged higher in European trade today, close to a five week high as we wait for the highly anticipated US inflation data tomorrow. It is expected that US CPI will show monthly rates ticked up in January. Markets are favouring the Dollar heading into this release after revisions to the previous data set showed consumer prices rise in December rather than fall. Ultimately, strong inflation could force markets to re-evaluate the Federal Reserves approach to interest rates at the next meeting, which has only been made more conflicting following on from the positive jobs report earlier in the month.


If you require alternative currency pair updates, please get in touch and we can arrange for a personalised weekly newsletter. For other FX enquiries, or to book a demo, please call us on 020 3908 4662, or email us at info@goxchange.co.uk Disclaimer: This is not investment advice; it is for informational purposes only.



Comments


Untitled design.png
  • LinkedIn
  • Instagram

CurrencyCloud

For clients based in the European Economic Area, payment services for Go Xchange Limited are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).

For clients based in the United States, payment services for Go Xchange Limited are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.

For clients based in the United Kingdom and rest of the world, payment services for Go Xchange Limited are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). 

Currencycloud Terms of Use

GC Partners

Go Xchange's payment and foreign currency exchange services are provided by Global Currency Exchange Network Ltd T/A GC Partners. Global Currency Exchange Network Ltd is authorised by the FCA under the Payment Services Regulations, 2017 (FRN: 504346). Registered as a Money Services Business, regulated by HM Revenue & Customs ("HMRC") under the Money Laundering Regulations 2017. (Registration number is 12137189). Registered in England and Wales. Company number 04675786. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP.

© 2022 Go Xchange. All rights reserved.

Go Group Holdings

For any formal complaints, please contact us via:

Email: complaints@goxchange.co.uk

Phone: 020 3908 4662

Post: 20-24 High Street, Rayleigh, Essex. SS6 7EF

bottom of page