top of page
Search

17th January - Weekly FX Update

Top Currency Pairs Monday 17th January 9:00 UTC GBP/USD: 1.36800 (Last Week: 1.35899) EUR/USD: 1.14292 (Last Week: 1.13347) GBP/EUR: 1.19694 (Last Week: 1.19888)


Market News

Pound Sterling The latest GDP figures for the UK last week showed that the economy has now recovered to pre-virus levels in November. GDP expanded by 0.9% between October and November, which was higher than expectations, meaning the economy is 0.7% larger than February 2020. The UK joins the US and just a few other countries amongst the major economies to achieve this feat so far. This is however expected to be a peak, as Omicron and fresh restrictions in December and January has likely slowed growth. Despite this, the 1.20 level for GBP/EUR is proving very stubborn for the Pound, and resistance was likely helped by some negative media circulating against the Prime Minister, leading to Boris Johnson evading resignation calls. This week will see inflation and employment figures for the UK and will give traders a clearer picture of the UK economy following on from the positive GDP figures last week.


Euro In the face of rising energy prices continuing to dampen the European economic outlook, the Euro held strong last week against the Pound as the GBP/EUR exchange rate attempted to break the 1.20 barrier. More importantly, the Euro finally made some gains on the Dollar as we saw the EUR/USD exchange rate push past the 1.14 level for the fist time since mid-November. Looking ahead, the European currency will look for a catalyst to hold the levels it has opened the week on. Data released will include inflation figures and trade balance, along with a speech from the President of the ECB, Christine Lagarde.


U.S. Dollar The Pound continued it's winning streak over the Dollar last week which means the GBP/USD rate is now on average, 3.8% up from the monthly low back in December, when the rate fell to 1.31802. The Dollar extended its losses on Thursday, a day after US inflation jumped to 7% for December. Despite being in line with economists' forecasts, this was the biggest year-on-year increase since 1982 as wage pressures and a tightening labour market continue to pull inflation further away from the Fed's 2% target. Fed Chair Jerome Powell said that they are prepared to do whatever is necessary to prevent red hot inflation from becoming "entrenched".


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