Previous Day's Market Highlights
Tuesday saw sterling weaken due to the tension surrounding whether or not the parliament in the UK will agree a Brexit deal by the deadline in March 2019. Sterling weakened by 0.6% against the dollar, as it was announced that parliament will vote on May’s Brexit deal on 11 December. Further contributing to this move were comments from President Trump that May’s plan could impose a threat to a future UK-US trade deal.
It was quiet on the data front, with only UK CBI realised sales of note for the UK, showing an uptick with a release of 19 compared to a previous figure of 5. US Consumer confidence data missed forecasts (135.7 v 136.2 forecast) however this had little impact on the greenback.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
The major data release today comes from the US with the release of preliminary GDP for Q3 forecasted to increase at 3.6% on an annualized basis. Although this is q/q data, the ‘Advanced’ release is expected to have the most impact on the economic markets. Further volatility is likely later in the day as Fed chair Powell delivers a speech in New York, market participants will be looking for any hints of a pause to monetary policy tightening in 2019 as US interest rates approach neutral.
Other data is of lower significance including the results of the BoE's latest bank stress tests as well as the weekly crude oil inventories from the US. The market will be looking closely at the BoE's financial stability report for any risks posed by the ongoing Brexit process.
Today's Economic Calendar
|1:30pm||USD||US Preliminary GDP Q3 (q/q - annualised)||3.6%||3.5%|
|4:30pm||GBP||Bank Stress Test Results|
|5:00pm||USD||Fed Chair Powell Speaks|