Magna Financial Market Report – Friday 21st February 2025
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• UK retail sales strengthen overall UK data
• EUR may weaken ahead of German elections
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RECAP
The USD correction extended yesterday, driven by softer US data and expectations surrounding a potential US-China deal.
Meanwhile, UK retail sales for January exceeded forecasts, rising by 1.7%—a notable recovery from the 0.6% decline in December. This unexpected positive result adds to the strong UK economic data reported throughout the week.
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OUR SUMMARY
Today marks PMI release day, with manufacturing and services data from the UK, EU, and US offering insights into the current economic performance of these regions. While these figures will influence FX markets, the primary focus remains on the ongoing USD correction. It’s possible this trend could extend further, with both GBPUSD and EURUSD potentially reaching the highs seen in December.
Additionally, ahead of the German elections on Sunday, there may be some caution surrounding the EUR, which could lead to weakness as the week concludes.
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HOW WE CAN HELP
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Get in touch with Osman Hanif today on +44 (0) 20 3371 9200 or email osman@magnafinancial.com
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