Previous Day's Market Highlights
After falling as markets opened on heightened political uncertainties following weekend headlines regarding the future of PM May’s leadership, sterling corrected some of those losses. Gains against the dollar were further by a softer greenback in the afternoon session, allowing sterling-dollar to briefly regain 1.3100.
Sterling-euro held above 1.1200. Sterling-dollar briefly regained 1.3100 after testing lows around 1.3060, towards the lower end of its trading range since early September, since when the rate has held above 1.3000. The pound regained key figures against the commodity currencies.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1202||1.1451||1.1083||3.21%|
|GBP / USD||1.3096||1.3321||1.3039||2.12%|
|EUR / USD||1.1689||1.1858||1.1553||2.57%|
|GBP / NZD||1.9103||1.9433||1.8347||5.59%|
|GBP / CAD||1.6689||1.7171||1.6383||4.59%|
Today's Market Highlights
The calendar picks up pace today. UK CPI will be in focus this morning (09:30 GMT), with prices expected to pick up to 3.1% from 3.0% in September. However, such gains are unlikely to significantly adjust market expectations of another Bank rate hike following the less hawkish tone struck by the bank, and therefore the upside may be limited barring any surprises.
Shortly thereafter (10:00 GMT), Fed Chair Yellen, ECB President Draghi, and BoE Governor Carney will participate in a panel discussion at the ECB’s conference on central bank communication. Markets will pay close attention for any clues as to the direction of monetary policy, which could prompt volatility.
Other releases of note include the second estimate of Eurozone GDP, with no revision expected, and September Industrial Production (10:00 GMT), as well as US Producer Price Index data (13:30 GMT). The day’s other speakers include the Fed’s Bullard (13:15 GMT), the ECB’s Cœuré (13:30 GMT), and MPC Member Cunliffe (17:30 GMT).
Today's Economic Calendar
|09:30||GBP||CPI YoY (Oct)||3.1%||3.0%|
|09:30||GBP||Core CPI YoY (Oct)||2.8%||2.7%|
|10:00||Multi||BoE Governor Carney, Fed Chair Yellen, ECB President Draghi Speak|
|10:00||EUR||ZEW Survey - German Economic Sentiment (Nov)||20.0||17.6|
|10:00||EUR||ZEW Survey - Eurozone Economic Sentiment||29.3||26.7|
|10:00||EUR||Preliminary GDP s.a. QoQ (Q3)||0.6%||0.6%|
|10:00||EUR||Preliminary GDP s.a. YoY (Q3)||2.5%||2.5%|
|10:00||EUR||Industrial Production s.a. MoM (Sep)||-0.6%||1.4%|
|10:00||EUR||Industrial Production w.d.a. YoY (Sep)||3.2%||3.8%|
|13:15||USD||Fed's Bullard Speaks|
|13:30||USD||PPI YoY (Oct)||2.4%||2.6%|
|13:30||USD||Core PPI YoY (Oct)||2.3%||2.2%|
|13:30||EUR||ECB's Coeure Speaks|
|17:30||GBP||MPC Member Cunliffe Speaks|
|23:30||AUD||Westpac Consumer Confidence (Nov)||3.6%|
|00:30||AUD||Wage Price Index YoY (Q3)||1.9%|