Previous Day's Market Highlights
As was widely expected, the ECB kept interest rates on hold. Overall, the statement and accompanying comments were consistent with those made in June. The ECB has said that interest rates are expected to remain very low until “at least through the summer of 2019”. The euro was softer around the meeting.
Sterling-dollar gave up 1.32 and euro-dollar fell back below 1.17. Under-forecast US Durable Goods Orders did little to deter the dollar’s gains. Sterling-euro continued to trade in the 1.12-1.13 range.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
Today’s releases are mostly mid-level. A pick-up in UK Mortgage Approvals could lend some support to the pound this morning (09:30 BST). The euro will keep an eye on Business Climate and German inflation data, amongst other releases (10:00, 13:00). A decline in Pending Home Sales (15:00) could weigh slightly on the dollar. Politics will remain in focus as markets watch for any further developments in US trade and geopolitical relations.
Later in the week, the Fed is expected to keep interest rates on hold on Wednesday, while expectations are high for the Bank of England to announce a rate hike of 25 basis points on Thursday. Although now expected, a hike could still strengthen the pound. The Eurozone has both Q2 GDP and preliminary July inflation figures. In addition to Wednesday’s Fed decision, the US also has July’s jobs report out at the end of the week.
Today's Economic Calendar
|09:30||GBP||Mortgage Approvals (Jun)||65.500K||64.526K|
|10:00||EUR||Economic Sentiment Indicator (Jul)||112.2||112.3|
|10:00||EUR||Business Climate (Jul)||1.35||1.39|
|10:00||EUR||Consumer Confidence (Jul)||-0.6||-0.6|
|13:00||EUR||German Harmonised Index of Consumer Prices YoY (Jul)||2.1%||2.1%|
|15:00||USD||Pending Home Sales YoY (Jun)||-6.0%||-2.2%|
|15:00||USD||Pending Home Sales MoM (Jun)||0.1%||-0.5%|
|23:45||NZD||Building Permits s.a. MoM (Jun)||7.1%|