Daily Analysis: 24 Apr 2019

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GBP

Fundamental Analysis

(24  Apr): Pound extended its losses as Prime Minister Theresa May pushed to get Brexit a deal through the parliament by the end of the month adding on to the political and economic uncertainty, further denting investors’ confidence. Meanwhile, the weak economic data from EUR’s IFO business climate did not help with the sentiment. Along with that, Public Sector Net Borrowing data fuel the decline as it recorded a  £0.84B deficit as compared to estimates of a £0.400B surplus. This is also reflected in our technical analysis price is facing bearish pressure from our first resistance.

 

 

(23 Apr): Political and economic uncertainty surrounding Brexit continues to weigh heavily on the currency and the British pound plummeted against the greenback as the CPI and PPI economic data fell below expectations, further denting investors’ confidence in the economy. However, we believe that most of the bearish sentiment has been priced in and we should be expecting limited downside moving forward. This week will also see the release of the Public Sector Net Borrowing data where we expect it to perform better than expected limiting the downside to this currency. This is also reflected in our technical analysis where there is further upside in price before it reaches our first resistance.

 

 

(22 Apr): Political uncertainty surrounding Brexit continues to weigh heavily on the currency although most of it has been priced in and we should be seeing limited downside going forward. European Council President Donald Tusk has also softened his tone towards UK, indicating that UK should be allowed more time to come up with a general consensus rather than a forced conclusion. However, this extension would also mean more uncertainty for Britain’s economy. This can also be seen in the CPI reading released last week which was lower than expectations.

 

 

 

Technical Analysis

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EUR

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Fundamental Analysis

(24 Apr): IFO data missed estimates, causing the EUR to slide further. The IFO expectations were 95.2, missing estimates of 96.1 while Business Climate and Current Assessment numbers came in at 99.2 and 103.3, both falling short of estimates of 99.9 and 103.6 respectively. Currently, the industrial sector seems to… [/blur][/vc_column_text][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column][vc_empty_space height=”35px”][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner width=”1/5″][/vc_column_inner][vc_column_inner width=”3/5″][vc_separator type=”normal” color=”#b70909″ border_style=””][/vc_column_inner][vc_column_inner width=”1/5″][/vc_column_inner][/vc_row_inner][vc_empty_space height=”35px”][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column width=”1/5″][/vc_column][vc_column width=”3/5″][kswr_heading head_align=”center” head_subtitle_color=”#333333″ head_title=”ACCESS RESTRICTED” head_title_fsize=”font-size:23px;line-height:2;” head_title_fstyle=”font-family:Inherit;font-weight:700;” head_subtitle_fsize=”font-size:17px;line-height:1.5;” head_subtitle_fstyle=”font-family:Inherit;font-weight:inherit;” head_title_margins=”margin-top:0px;margin-bottom:0px;” head_subtitle_margins=”margin-top:0px;margin-bottom:0px;”]Our comprehensive daily reports covers both technical and fundamental analysis, and are customised to your requirements.

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