August 18, 2023

Daily Report 18/08/2023

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Sterling overall was able to hold a firm tone on Thursday with yield trends still a key influence. The 2-year yields increased to 5-week highs just above 5.25% which provided underlying currency support, although the impact was offset by higher yields elsewhere. Overall risk appetite also remained fragile which sapped support to some extent, especially with equities remaining on the back foot.

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The Euro was able to avoid further losses ahead of Thursday’s New York open and regained some ground amid a wider dollar correction. Euro-Zone confidence remained vulnerable, but the Euro edged a key level.

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US initial jobless claims declined to 239,000 in the latest week from a revised 250,000 the previous week and close to consensus forecasts of 240,000, although continuing claims increased significantly to 1.72mn from 1.68mn. The Philadelphia Fed manufacturing survey rebounded to 12.0 for August from –13.5 previously and well above market expectations of -10.0. There was also a rebound into positive territory for new orders and shipments for the month. The average workweek edged higher, but employment continued to decline.

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