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All eyes are on the Trump-Kim summit in Singapore this week.
This is the first head-of-state meeting between US and North Korea. Whether this meeting will bring about a long-lasting peace in the Korean peninsular is unclear now. But all signals so far are pointing towards a thaw in the relationship.
On the day-to-day market movement, Sterling is suffering from increasing selling pressure this morning on poor macro data. The ONS Construction Output data, for example, is slowing down markedly. This suggests a deteriorating property construction sector due to a slowing residential market and Carillon’s impact. Note, too, the ongoing restructuring of a large number of retail units (e.g. House of Fraser). Traders are probably anticipating a further decline in the property/construction sector.
Against the US Dollar, GBPUSD dropped beneath 1.3400 at the time of writing. Against the Euro, the rate looks like it is about to drop out of a prolonged range. Prices encountered resistance at 1.140 to drop below 1.135 this morning. If the 1.130 support gives way, we anticipate a further drop into 1.115 pivot low.
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Jackson has over 10 years experience as a financial analyst. Previously a director of Stockcube Research as head of Investors Intelligence providing market timing advice and research to some of the world largest institutions and hedge funds.
Expertise: Global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University.