Previous Day's Market Highlights
The dollar made further gains against both the pound and the euro yesterday. Q4 growth was revised up to 2.9%, higher than forecasts of 2.7%, and supported greenback strength in the afternoon and overnight sessions.
Euro-dollar fell towards 1.23 to three-day lows, and sterling-dollar fell below 1.41 for the second consecutive day. While cable managed to hold above the previous day’s lows during the European session, it inched further below 1.41 overnight. Sterling-euro continued to trade above 1.14 and failed to repeat the previous day’s excursion into the 1.13 range.
After rising to a new high since the referendum, around 1.85, sterling-Aussie retreated over 0.6%.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
The UK releases its own final estimate of Q4 growth this morning (09:30 BST). An unrevised figure could have a muted market impact, while any revisions higher could see some sterling strength. A pick-up in German HICP could provide some support for the euro this morning. A higher Core PCE reading and continued month-end demand may see the dollar remain relatively supported.
Investors will continue to keep an eye on any headlines, particularly regarding new developments in US trade relationships or Brexit discussions. Today marks one year to gountil the UK leaves the EU.
Friday and Monday are Bank Holidays in the UK. The morning report will return on Tuesday.
Today's Economic Calendar
|09:30||GBP||GDP YoY (Q4)||1.4%||1.4%|
|09:30||GBP||GDP QoQ (Q4)||0.4%||0.4%|
|09:30||GBP||Net Lending to Individuals MoM (Feb)||£4.8B||£4.7B|
|13:00||EUR||German Preliminary Hamonised Index of Consumer Prices YoY (Mar)||1.6%||1.2%|
|13:30||USD||Personal Consumption Expenditure - Price Index YoY (Feb)||1.7%||1.7%|
|13:30||USD||Core PCE - Price Index YoY (Feb)||1.6%||1.2%|
|13:30||USD||Personal Spending (Feb)||0.2%||0.2%|
|13:30||USD||Personal Income MoM (Feb)||0.4%||0.4%|
|13:30||USD||Initial Jobless Claims (23 Mar)||230K||229K|
|13:30||CAD||GDP MoM (Jan)||0.1%||0.1%|
|14:45||USD||Chicago Purchasing Mangers' Index (Mar)||62.0||61.9|
|15:00||USD||Michigan Consumer Sentiment Index (Mar)||102||102|
|18:00||USD||Fed's Harker Speaks|