11/08/2021 -DAILY MARKET REPORT



Sterling looks attractive

  • Yesterday sterling touched its best levels against the euro this year before easing slightly after fresh Brexit concerns unsettled the market. The worries started after rumours in the UK Press that the government is to make traffic provisions at Dover indefinite in expectation of further cross-Channel disruption. The euro is also suffering against the dollar as last Friday’s stellar US employment report continues to support the dollar. With both sterling and the dollar at such high levels, we recommend that you talk to your account manager about how best to take advantage of the euro’s recent weakness.

  • Today is inflation data day, which started earlier this morning with Germany’s Consumer Price Index (CPI), which was in line with estimates at 3.1%. Later today, we have Italy’s inflation data which is unlikely to move the euro too far ahead of this afternoon’s CPI figures from the US. If the headline rate is as high as the consensus expects, 5.3%, pressure will increase on the Federal Reserve to tighten policy, and the dollar will continue its rally. With the Bank of England’s timing almost in step with the Fed’s policy tightening strategy, sterling may push ahead against the euro.

On this day....


On this day in 1984, Zola Budd and Mary Decker bumped into each other twice in the 3,000m final. On the second time, Decker’s spikes caught Budd’s heel, who was running barefoot as normal, her leg shot out, tripping Decker, who pitched forward and fell. Decker was carried off in tears, and Budd finished seventh but was booed by the partisan crowd. Decker told journalists, “Zola…was in the wrong”, but track officials disagreed with her and, after initially disqualifying Budd, reinstated her.

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