LONDON — The pound made small losses against the dollar and euro in early hours trading on Friday, as the Eurozone waits on inflation figures this afternoon and Britain embarks on the first round of Brexit negotiations.
The pound is down 0.07% against the dollar to $US1.2460 at 8.10 a.m. BST (3.10 a.m. ET) and down 0.13% against the euro to €1.1665 at the same time.
Here is how that looks:
Konstantinos Anthis, a ADS Securities researcher, says in an email: “For the day ahead the focus will primarily be on Europe with the release of the German employment data and Eurozone inflation figures attracting investors’ attention.
“However, the expectations for all there reports are bearish; with retail sales in Germany expected to show contraction and the Eurozone inflation levels not ticking higher the Euro should remain under pressure for yet another day.”
The UK government triggered Article 50 on Wednesday in Brussels, officially beginning the two-year negotiation period for Britain’s exit from the European Union.
Markets had largely priced in the event before, meaning that the pound has not since seen the dramatic losses that followed Britain’s shock vote to leave the EU in March.
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See the latest EUR-USD movements here.