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Daily FX European Market Close: Cable Hits Monthly High

Daily FX European Market Close: Cable Hits Monthly High

2017-01-23 18:56:00
Katie Pilbeam, DailyFX,

Talking Points:

  • Safe haven appeal rises as US President Trump makes protectionist drive
  • Pound extends rebound on UK PM May's Brexit views
  • Berkeley-Bovis Home merger rumours and Essentra profit update drive corporate market

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23 January 2017: European finished mostly in the red on the first day of the trading week. US dollar gave a much-needed boost to Sterling, which managed to reach a monthly high against the greenback during the session. At one point during the session it rose by a cent to just under $1.25. However, the British currency is still 17% down in the wake of the EU referendum in June. The shock vote sent sterling to its lowest level against the dollar since 1985.Much of this is due to the new US President Donald Trump and his inauguration speech. It was digested by the markets as full of protectionist rhetoric, this added with the protests in Washington over the weekend against a Trump leadership meant traders headed for safe havens – especially gold.

Another supportive element for Sterling is Theresa May’s Brexit speech last week in which she set out her strategy to leave both the current EU customs union and the single market. Investors are also keeping one eye on Tuesday’s events because the Supreme Court will make a decision on whether or not the Prime Minister has the right to trigger Article 50 without a vote from Parliament. The conclusion could either speed up or delay the procedure by some margin.

In the corporate world, market floors were full of rumours surrounding a possible merger between Berkeley and Bovis Home – which was reported by the global asset manager Schroders. And Essentra fell over 5% after revealing its full-year adjusted operating profit would miss or meet only the lower end of its forecasts.

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