- Sterling lost ground on the euro late on Friday as news broke that Marine Le Pen is falling away in the French Presidential race causing
- The single currency ralled off the back of this and GBP/EUR closed down by 0.77% after opening at 1.1664 and closing at 1.1574.
- US Federal reserve Chief Janet Yellen affirmed the US rate hike expected in March on Friday. She stated that if inflation and employment continues to meet expectation then a hike on March ‘would likely be appropriate’.
- GBP/USD opened Friday 1.2265, dropped down to a low of 1.2214 before a late rally to close at 1.2293.
- Greman retail sales m/m and UK services PMI both came in weaker than expected on Friday morning at -0.8% vs 0.2% and 53.3 vs 54.2, respectively.
- The only other key data of note during the day was US ISM non-manufacturing PMI which came in firm at 57.6 vs 56.5 expected.
- Australian retail sales m/m came in as expected overnight with a figure of 0.4%.
- AUD/USD is currently trading at its lowest since January around the 0.7600 level whereas GBP/AUD is trading just below 1.62.
- Fairly quiet on the data front this morning with only US factory orders m/m to look forward to at 3pm.
- FOMC member Kashkari in due to speak at the National Association of Business Economics in Washington DC at 8pm this evening.