Previous Day's Market Highlights
Excluding last October’s flash crash in the pound, sterling fell to its lowest levels against the euro since October 2009 after the single currency rallied on a jump in the Eurozone’s Manufacturing PMI. Sterling-euro fell below 1.0900, meeting support around 1.0825. Sterling fell below 1.2800 against the dollar, while euro-dollar regained 1.1800.
ECB President Draghi gave the opening remarks at the Lindau Meeting on Economic Sciences in Germany, defending the ECB’s QE programme.
Oil prices picked up yesterday on an eighth consecutive decline in weekly US EIA Crude Oil Inventories. The gains contributed to the loonie’s advances against the pound.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.0851||1.1248||1.0827||3.74%|
|GBP / USD||1.2795||1.3272||1.2777||3.73%|
|EUR / USD||1.1791||1.1912||1.1650||2.20%|
|GBP / NZD||1.7778||1.7929||1.7398||2.96%|
|GBP / CAD||1.6058||1.6727||1.6057||4.01%|
Today's Market Highlights
The second estimate of the UK’s Q2 GDP (09:30 BST) is expected to be unrevised at 0.3%. The release may have a muted impact barring any revision. Slower Business Investment may weigh.
In the afternoon, the US releases Existing Home Sales (15:00 BST), forecast to pick up to an annualised 5.57M (15:00 BST), which may offer the dollar some support. Weekly Initial Jobless Claims (13:30 BST) are forecast to pick up to 238K from 232K.
Markets are looking ahead to tomorrow’s comments from ECB President Draghi at the Jackson Hole Economic Symposium.
Today's Economic Calendar
|09:30||GBP||Second Estimate of GDP QoQ (Q2)||0.3%||0.3%|
|09:30||GBP||Second Estimate of GDP YoY (Q2)||1.7%||1.7%|
|09:30||GBP||Total Business Investment QoQ (Q2)||0.4%||0.6%|
|09:30||GBP||Total Business Investment YoY (Q2)||0.5%||0.7%|
|13:30||USD||Initial Jobless Claims (Aug 18)||238K||232K|
|15:00||USD||Existing Home Sales MoM (Jul)||5.57M||5.52M|