Previous Day's Market Highlights
While the day’s economic calendar was fairly light, the pound was in focus as formal Brexit negotiations began. Any negative developments in the negotiations would pose a risk to the pound. Exit terms will be agreed before a trade deal.
Sterling picked up yesterday morning, before easing lower throughout the rest of the day. Sterling-dollar met resistance above 1.2800.
The dollar was better bid against both the euro and the pound. Sterling-dollar fell towards 1.2700 and euro-dollar temporarily broke back below 1.1150.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1427||1.1624||1.1277||2.99%|
|GBP / USD||1.2741||1.3003||1.2635||2.83%|
|EUR / USD||1.1150||1.1296||1.1109||1.66%|
|GBP / NZD||1.7561||1.8569||1.7442||6.07%|
|GBP / CAD||1.6838||1.7572||1.6796||4.42%|
Today's Market Highlights
Sterling weakened this morning to one-week lows as BoE Governor Carney gave his rescheduled Mansion House speech, striking a dovish tone as he said it is not yet time to begin tightening policy. Sterling-euro fell below 1.1400 and sterling-dollar fell below 1.2700. Both rates were down over 0.6%.
A relatively quiet afternoon includes Canada’s Wholesale Sales (13:30 BST) and the Global Dairy Trade Price Index.
Fed Member Kaplan speaks this evening at the Commonwealth Club in San Francisco (20:00 BST). According to the CME FedWatch Tool, markets are currently pricing in a 50% chance that the Fed will hike rates in December.
Today's Economic Calendar
|08:30||GBP||BoE Governor Carney Speaks|
|13:30||USD||Current Account (Q1)||$-123.8B||$-112.4B|
|13:30||CAD||Wholesale Sales MoM (Apr)||0.6%||0.9%|
|NZD||Global Dairy Trade Price Index||0.6%|
|20:00||USD||Fed Member Kaplan Speaks|