Previous Day's Market Highlights
Despite a busy calendar day yesterday, market movement was relatively limited given the lack of central bank surprises. The ECB and BoE both kept policy on hold as was widely expected. The BoE kept expectations for a gradual pace of rate hikes, with the next hike not expected until late 2018. The ECB revised its 2018 inflation projections higher to 1.4%.
Earlier in the session, the pound received a small boost as Retail Sales jumped in November. The dollar later gained, particularly against the euro, as US Retail Sales also came in above forecast.
Sterling saw some gains around the 4pm fixing. This saw GBP/EUR drift towards 1.14 and GBP/USD pick back up towards 1.3440, where it held overnight. EUR/USD held below 1.18.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1394||1.1509||1.1133||3.27%|
|GBP / USD||1.3436||1.3550||1.3169||2.81%|
|EUR / USD||1.1792||1.1961||1.1713||2.07%|
|GBP / NZD||1.9127||1.9836||1.9080||3.81%|
|GBP / CAD||1.7127||1.7468||1.6800||3.82%|
Today's Market Highlights
The calendar is quieter today as the week draws to a close. MPC Member Haldanespeaks at the International Rome Conference on Money, Banking, and Finance (13:15 GMT). Traders will keep an eye on any additional monetary policy guidance following yesterday’s policy meeting.
Today's Economic Calendar
|10:00||EUR||Trade Balance s.a. (Oct)||€24.4B||€25.0|
|12:00||GBP||BoE Quarterly Bulletin|
|13:15||GBP||MPC Member Haldane Speaks|
|13:30||CAD||Manufacturing Shipments MoM (Oct)||0.8%||0.5%|
|13:30||USD||NY Empire State Manufacturing Index (Dec)||18.6||19.4|
|14:15||USD||Industrial Production MoM (Nov)||0.3%||0.9%|
|14:15||USD||Capacity Utilization (Nov)||77.2%||77.0%|