Afternoon Market Update – 16/01/2017 – by Jaz Singh
January 17, 2017Cable has found some support just below the $1.20 level as London began its trading for the week. This follows a strong sell off in the British currency after numerous outlets reported that PM May shall outline a ‘hard’ Brexit plan in a speech tomorrow. This news has given markets a tone of risk aversion overall, with the euro dropping some 0.5 percent to $1.0580 in early trade. We’ve also seen the European bourses gap lower, following the lead of Asian equities. Reflecting the risk off tone, gold has climbed 0.4 percent to a daily high of $1202.35 an ounce. With the US on holiday expect a quiet afternoon session in Europe. As such the data calendar is bare, with Mark Carney’s speech at 18:30 GMT the only event of note.
