Previous Day's Market Highlights
The dollar weakened Friday as preliminary Manufacturing and Services PMIs disappointed expectations. Euro-dollar made gains towards 1.1200. Sterling-dollar traded relatively sideways after regaining 1.2700 in the morning. Sterling-euro struggled to hold gains above 1.1400 and eased back towards 1.1360.
The Canadian dollar fell on soft CPI data. The loonie had strengthened the previous day as Retail Sales surprised to the upside.
Formal Brexit negotiations began last week as the Conservatives continued to seek a final deal with the DUP. Exit terms will be agreed before a trade deal. The BoE’s Chief Economist Andy Haldane struck a more hawkish tone than expected, indicating he could see an argument for raising interest rates by the end of the year. Haldane is typically one of the more dovish MPC members.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1386||1.1554||1.1277||2.40%|
|GBP / USD||1.2744||1.2978||1.2589||2.30%|
|EUR / USD||1.1191||1.1296||1.1109||1.66%|
|GBP / NZD||1.7498||1.8273||1.7385||4.86%|
|GBP / CAD||1.6888||1.7536||1.6721||4.64%|
Today's Market Highlights
Key releases from the US today include the Chicago Fed National Activity Index and Durable Goods Orders (13:30 BST). Orders overall are forecast to have declined from April to May, while core goods orders are forecast to have picked up.
ECB President Draghi will give the opening remarks at the ECB Forum on Central Banking (18:30 BST).
Overnight, New Zealand releases May trade data.
While much of this week’s data releases are of mid-level importance, markets will continue to keep a close eye on central bank comments and political developments. Parliament this week debates and votes on the Queen’s Speech.
Today's Economic Calendar
|13:30||USD||Durable Goods Orders (May)||-0.6%||-0.8%|
|13:30||USD||Core Durable Goods Orders (May)||0.4%||-0.5%|
|13:30||USD||Chicago Fed National Activity Index (May)||0.20||0.49|
|16:00||EUR||ECB President Draghi Youth Dialogue|
|18:30||EUR||ECB President Draghi - Opening Remarks|
|23:45||NZD||Trade Balance NZD (May)||$419M||$578M|