Agility Forex U.K. Ltd

The team at Agility FX would like to wish all of our clients and partners a happy and prosperous New Year. Unsurprisingly we have little in the way of economic data releases this week, and market participation will likely be reduced until the first full week in January. Please follow for a brief round up of 2024: https://lnkd.in/eP4mRHqJ

Sterling faltered at the end of a light data week last week, as we closed off with some negative GDP figures as well as contractions in the industrial and manufacturing sectors for the UK. US CPI came out as expected last week, but the PPI print the following day surprised to the upside. The ECB cut rates last Thursday, and the Fed seem set to follow suit this week too. The BoE are expected to maintain a 4.75% base rate as we close off for December. We have a wide raft of data to see us up to the Christmas week: Full report: https://lnkd.in/ecyi4s_J

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There were no seismic adjustments in trading ranges last week, but political instability in France and weak US data earlier on in the week allowed the Pound to make some gains. Bank of England Governor Andrew Bailey said to expected 4 UK rate cuts next year as inflation eases. The ECB meet this week and are expected to make another 0.25% cut, the fourth such move this year. The USD closed on a positive note, with 227k jobs created in November's nonfarm payrolls. Link to full report: https://lnkd.in/ebH-Z6q3

We closed off November with the USD depreciating after 2 months of consecutive rallies. In a scarce data week for the Pound, cable still managed to climb from its opening low of 1.2514 to close at 1.2744 . On Tuesday evening, the FOMC Minutes reported from the Fed reflected a divided team, but the feeling that rate cuts could be accelerated supported a USD sell off. The Eurozone produced mixed inflation data towards the end of the week, which had minimal impact on the single currency in comparison to usual. We saw some extra volatility nearer the close though, driven by thinner market participation as the US market closed for the Thanksgiving holiday. In the week ahead traders will be eyeing the preliminary employment data in the build up to the ever impactful Non Farm Payrolls print. Full Report: https://lnkd.in/ejjbi8Bj

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The Pound and the Euro sank further against the USD last week following poor economic performances, increased bets for further rate cuts and rising geopolitical tensions. As things stand, we could see further USD dominance as we approach the end of the month as the US economy is looking more robust than its counterparts and traders flock to safe-haven assets in the wake of escalations between Russia and the Ukraine. The only bullishness for Sterling last week came after the monthly inflation readings on Wednesday, with a spike back over the expected 2.2% level to 2.3%. UK, European and German PMI's all came up short, while the US-based stats performed the best. Please follow below for the full weekly report: https://lnkd.in/eTm_U6-K

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The Dollar maintained its bullish form last week, still riding the wave of the US election result alongside a raft of data releases which could see the Fed’s interest rate remain higher than its counterparts for a longer period. US Inflation came out at 2.6%, as expected, but none of the Fed members speaking last week seemed to be too concerned by this. Powell said “the economy is not sending any signals that we need to be in a hurry to lower rates”. Sterling closed the week with a whimper, with UK GDP coming out at -0.1% for the month of September when 0.2% growth was expected. Industrial and Manufacturing production also contracted in September, both producing worse readings than anticipated. Please follow for the full report: https://lnkd.in/e-sX2NUb

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