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A Time Of Measures


Good morning,

Boris Johnson last night announced the widely expected restrictions on movement that has characterised other countries responses to the Coronavirus. In an emotional speech the Prime Minister stated that the measures would be in place for at least three weeks or until evidential evidence dictates otherwise. GBP has rallied from yesterdays lows and now stands in the middle of the last weeks trading range.

Elsewhere the US Federal Reserve "Trumped" the US Governments stalled package and announced unlimited quantitative easing and support programmes to try and restore market confidence. The US Dollar fell back but remains the safe haven of choice for embattled market participants to park their assets.

German Manufacturing Composite PMI data has just been released printing at 37.2 (40 last month!). The market is bracing itself for the full EU report (due for release at 9am) as markets begin to digest the first real effects of the Coronavirus outbreak on European economic activity. UK Manufacturing PMI is also due at 9.30am with a lower outturn also expected.Markets receive boost from FED 

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Morning Report - Tuesday 24th March 2020

A Night Of Measures




Good morning,

Boris Johnson last night announced the widely expected restrictions on movement that has characterised other countries responses to the Coronavirus. In an emotional speech the Prime Minister stated that the measures would be in place for at least three weeks or until evidential evidence dictates otherwise. GBP has rallied from yesterdays lows and now stands in the middle of the last weeks trading range.

Elsewhere the US Federal Reserve "Trumped" the US Governments stalled package and announced unlimited quantitative easing and support programmes to try and restore market confidence. The US Dollar fell back but remains the safe haven of choice for embattled market participants to park their assets.

German Manufacturing Composite PMI data has just been released printing at 37.2 (40 last month!). The market is bracing itself for the full EU report (due for release at 9am) as markets begin to digest the first real effects of the Coronavirus outbreak on European economic activity. UK Manufacturing PMI is also due at 9.30am with a lower outturn also expected.




Yesterdays Inter-bank Highs and Lows






GBPEUR: 1.0910 / 1.0650 GBPUSD 1.1715 / 1.1447 EUR/USD 1.0828/ 1.0658





Todays Economic Data

9.00am - EU Manufacturing PMI

9.30am - UK Manufacturing PMI

1.45pm - US Manufacturing PM




In Other News:





Coronavirus: Pandemic is 'accelerating', WHO warns as cases pass 300,000


It took 67 days from the first reported of Covid-19 to reach 100,000 cases, 11 days for the second 100,000, and just four days for the third 100,000.

But WHO Director General Tedros Adhanom Ghebreyesus said it was still possible to "change the trajectory".

He urged countries to adopt rigorous testing and contact-tracing strategies.










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Markets stall as doubts surface over US stimulus


Good morning,

After the most volatile trading week in recent memory markets stabilised on Friday as central banks and governments announced further stimulus and support packages.

The US led the way with the announcement of a stimulus package of $ 1trillion which was closely followed by the EU's EUR 750 billion aid deal. However, markets have been disappointed that US politicians have been unable to agree on the details of the deal and that further debate will be required this week. This has had the effect of unsettling asset prices and currencies with the US Dollar being the prime beneficiary. G20 Finance Ministers and Central bankers meet today to discuss the ongoing crisis.

In the UK PM Boris Johnson is coming under increasing pressure enforce "Social distancing" after weekend images showed "gatherings" continuing to take place. Health Secretary Hancock said it was "unfair" that people appeared to be continuing to socialise despite warnings as the government reiterated that it would do "whatever it takes" to tackle the spread of the disease.

This after GBP managed to regain some lost ground on Friday after enduring one its most harrowing weeks ever hitting levels against the US Dollar not seen since the mid 1980's and touching a four year low against the EUR.Republicans and Democrats fail to agree on bail out details.

FED Interest Rate Decision


Good morning,

GBP/EUR began Tuesday trading session at the high of the day which was 1.1858 which was seen early morning at a 8am the pair depreciated by 0.5% and fell to 1.1800. There was little data out for both the UK and Europe yesterday which resulted in a fair steady afternoon as GBP/EUR sat between 1.1800 which was the low of the day to 1.1850, attentions turn to tomorrow interest rate decision and Fridays' official leave date for the UK/EU. We open Wednesday session at 1.1830

GBP/USD opened the trading session at 1.3064 which was the high of the day and the pair lost value early morning by falling to 1.30, the afternoon session saw the pair continue its fall as cable dropped to the low of the day, 1.2875. GBP/USD did manage to make a recovery around 10pm last night when the rate moved back through 1.30 to 1.3025 which is were we open this morning.

EUR/USD.... What more can we say about the pair, the rate of exchange is stuck in a ruck as ranges in Tuesday session were between 1.1010-1.1025. The pair has opened this morning just above 1.10 and The Euro risks a breakout to the downside from a multi-month range against the Dollar even if the Federal Reserve (Fed) extends the single currency and others a lifeline through a 'dovish' policy statement on Wednesday. Europe's single currency weakened against the Dollar and some other rivals Tuesday even after a tentative improvement in investor risk appetites, as a multitude of concerns continued to weigh on the old continent's unified unit.

Fact of the day

Only 1% of Super Bowl XLVIII tickets were sold to the public. The NFL gave the remaining 99% to teams, broadcast networks, corporate sponsors and other entities. When a fan sued, the New Jersey Supreme Court ruled the NFL’s ticketing policies didn’t violate any state consumer protection laws.

Image result for Super Bowl XLVIII tickets

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US CB Consumer Confidence


Good morning,

GBP/EUR traded in a tight range yesterday as the pair sat between 1.1820-1.1892, the pair started the week by rising to the high of the day following expectations on the UK Interest Rate decision at the end of the week. It was stated that Thursday decision is literally a flip of a coin however Markets reckon there is a 60% chance of a cut however there are a number of people within that were less convinced. Today sees a quiet day of data for the UK and all eyes will be firmly on Thursday IR and the official leave date from the EU on Friday, this mornings GBP/EUR rate is 1.1816.

GBP/USD looked like it was going to make good headway in the morning session following GBP strength, the pair rose to the high of the day which was 1.3110 at 9am. Cable took a dip from 10am as prices depreciated to the low of the day which was 1.3030. The US will release CB Consumer Confidence today at 3pm and this morning has already seen the pair slip to 1.3010.

EUR/USD ranged 1.1015-1.1035 in what was a flat day for the pair, Europe released negative figures on their German Ifo Business Climate in the morning session. The economic Calendar is quiet for Europe today therefore eyes will firmly be on the U.S data release this afternoon. We open Tuesdays session at 1.1013 and can the pair keep its head in the 1.10 area.

Fact of the day

Upon his death in 2008, just 20 days shy of his 90th birthday, the inventor of the Pringles can, Fredric J.Baur, was cremated. In keeping with his wishes, hisfamily placed some of his ashes in a Pringles can.

Image result for Fredric Baur invented the Pringles can, when he passed away in 2008 his ashes were buried in one:


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Average Earnings Index 3m/y


Good morning,

GBP/EUR opened the week on a positive, the pair pushed out of the high 1.1600's into the 1.1700 area as GBP strengthened. The pair moved from 1.1689 whihc was the low of the day to 1.1728 in the morning session. Yesterdays economic calendar was quiet but Brexit talks and speculation over the BOE cutting interest rates seems to be the driver of GBP. GBP/EUR hit the high of the day of 1.1735 around 2pm and we have opened at that price this morning. UK Chancellor as sparked brexit talks by commenting that the UK will take its on footsteps over trading regulations and rules following Brexit.

GBP/USD sat in a 35 pip range yesterday as no major movements were recorded, it was Martin Luther King day therefore a bank holiday in the U.S which results in no economic data released. Cable sat between 1.2970-1.3005. The pair opens Tuesday session at 1.3015 with no major data releases for America.

EUR/USD's was also stuck in a tight range as the pair trading between 1.1075-1.1095 in what was a dull day for the pair. Christine Lagarde the new ECB president will stamp her first strategic review for twenty years following this weeks meetings. EUR/USD begins Tuesday trading at 1.1090.

Fact of the day

To celebrate selling it’s one billionth song sold, Steve Jobs personally called the customer to inform him he’d won 20″ iMac, 10 fifth generation iPods, and a $10,000 iTunes gift card.

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