Silver For The People

Silver Stackers Can End The Silver Manipulation And Stop The Criminal Banksters

Donate Bitcoin

17E4x7cWzLxKkUsa25tPMuZzTB7BKZPA9o

Donate Via Paypal

Disclaimer

ALL CONTENT ON 'SILVER FOR THE PEOPLE' AS WELL AS THE 'BROTHERJOHNF' YOUTUBE CHANNEL IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. 'SILVER FOR THE PEOPLE' ASSUMES ALL INFORMATION TO BE TRUTHFUL AND RELIABLE; HOWEVER, THE CONTENT ON THIS SITE IS PROVIDED WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED. NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, COMMODITIES, OPTIONS, BONDS, FUTURES, OR BULLION. ACTIONS YOU UNDERTAKE AS A CONSEQUENCE OF ANY ANALYSIS, OPINION OR ADVERTISEMENT ON THIS SITE ARE YOUR SOLE RESPONSIBILITY.

Donate Via Paypal

Revolver Maps

Sterling Shines While Euro Stalls in Front of $1.20

marctomarket.com / by Marc Chandler / September 13, 2017

(The next leg of the business trip takes me to Frankfurt. Sporadic updates will continue)
 
Sterling has extended yesterday’s gains scored in response to the slightly higher than expected August CPI.  It is trading at its best levels since last September. Chancellor Hammond’s suggest that the UK will seek a transition period that is essentially an extension of the status quo fans hopes of a softer Brexit and this is also seen as supportive for sterling.
The August employment data is awaited.  The main issue here is not job growth per se.  As has been the case in the US and Japan too, job creation in the UK appears fairly healthy.  The problem is the limited wage growth.  This is arguably a more acute issue in the UK because of the rise in inflation, which saps the purchasing power of households.   The Bank of England’s Monetary Policy Committee meets tomorrow.  At full force, now that a new Deputy has been named, a 7-2 vote is expected in favor of standing pat.
We have been identifying the $1.3430 area is a reasonable technical target for sterling.  It represents the 50% retracement of sterling’s losses since the day of the referendum June 2016 when it briefly traded $1.50.  Also helping sterling is the unwinding of short cross positions against the euro.  The prospects that the ECB tappering, which some participants had seen as urgent due to the self-imposed rule on the asset purchases, now appears to be a more prolonged process that could persist well into 2018, may have encouraged some profit-taking.

READ MORE

Comments are closed.