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GBP Plunges, Turkish Central Bank Signals Rate Hike - EU Market Update

GBP Plunges, Turkish Central Bank Signals Rate Hike - EU Market Update

Check out the brand new DailyFX trading forecasts for Q3

MARKET DEVELOPMENT – GBP SLIDES, TURKISH CENTRAL BANK SIGNALS RATE HIKE

GBP: The Pound is the underperformer among the G10 currencies today and is on course for its largest daily drop in a month. This has largely been due to reports that Barnier strongly opposes aspects to PM May’s Chequers plan, consequently increasing the uncertainty surrounding Brexit. Alongside this, UK manufacturing data fell to a 25-month low as new orders contracted for the first time since April 2016. GBPUSD back below 1.29 and testing the 1.2840-50 support zone.

TRY: Turkish inflation rose to its highest level since 2003 at 17.9%. In response to this, the Turkish Central Bank signalled that it would adjust monetary policy to ensure price stability, which has subsequently bolstered expectations that the Turkish Central Bank will provide a much-needed rate hike at the next meeting on September 13th in order to rein in surging inflation.

DailyFX Economic Calendar: Monday, September 3, 2018 – North American Releases

**US Markets Away for Labour

DailyFX Webinar Calendar: Monday, September 3, 2018

Five Things Traders are Reading

  1. UK Week Ahead: Renewed Brexit Fears Weigh on Sterling | Webinar” by Nick Cawley, Market Analyst
  2. Crude Oil Price Analysis: Uptrend in Danger Amid Key Resistance" by Justin McQueen, Market Analyst
  3. GBPUSD Extends Losses on Brexit Uncertainty and Soft Manufacturing PMI by Justin McQueen, Market Analyst
  4. USDCHF Technical Analysis: Facing Near-Term Resistance” by Nick Cawley, Market Analyst
  5. EURUSD Analysis: Short-Term Support Appears, Italy’s Knuckles Rapped”by Nick Cawley, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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