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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

2018-09-03 13:46:00
Justin McQueen, Analyst
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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

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

Five Things Traders are Reading

  1. UK Week Ahead: Renewed Brexit Fears Weigh on Sterling | Webinarby 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 PMIby 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 Rappedby 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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