GBP Plunges, Turkish Central Bank Signals Rate Hike - EU Market Update

MARKET DEVELOPMENT – GBP SLIDES, TURKISH CENTRAL BANK SIGNALS RATE HIKE

GBP: The Pound is the underperformer among the G10 currencies today and is on course for its largest daily drop in a month. This has largely been due to reports that Barnier strongly opposes aspects to PM May’s Chequers plan, consequently increasing the uncertainty surrounding Brexit. Alongside this, UK manufacturing data fell to a 25-month low as new orders contracted for the first time since April 2016. GBPUSD back below 1.29 and testing the 1.2840-50 support zone.

TRY: Turkish inflation rose to its highest level since 2003 at 17.9%. In response to this, the Turkish Central Bank signalled that it would adjust monetary policy to ensure price stability, which has subsequently bolstered expectations that the Turkish Central Bank will provide a much-needed rate hike at the next meeting on September 13th in order to rein in surging inflation.

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