Previous Day's Market Highlights
Exchange rates remained in overall familiar ranges. Sterling-dollar recovered 1.31, in part on comments from Brexit minister Raab expressing his confidence that the UK will achieve a Brexit deal. Sterling-euro made some gains but was unable to regain the 1.12 handle. Euro-dollar once again broke above 1.18 as the euro gained on ECB President Draghi’s positive comments on inflation. He told the European Parliament that he expects a “relatively vigorous” increase in underlying inflation. Euro-dollar later retraced those gains.
Elsewhere, Brent crude rose above $81 a barrel yesterday to close at its highest levels since 2014. In his comments, ECB President Draghi also downplayed the impact of Brexit on the Eurozone’s economy.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
Today’s calendars include speeches from ECB members Praet and Cœuré. Praet will be participating in the keynote dialogue at the FT Investment Management Summit “Rebalancing Return and Risk Amid Global Recovery” (09:10) and then the lunch discussion “Where next for the euro” at OMFIF (11:45), both in London. Cœuré will give the opening remarks (13:00) at the annual meeting of the ECB’s Money Market Contact Group. Markets will keep an eye out for any implications for monetary policy or comments on the euro.
MPC Member Vlieghe is to speak at the Imperial College Business School in London this morning (09:40). Brexit headlines will remain in focus and a key driver of the pound, as sterling’s reaction to recent headlines has shown. In the afternoon, the US releases housing price indices (13:30).
Today's Economic Calendar
|9:25am||EUR||ECB's Praet Speaks|
|9:40am||GBP||MPC Member Vlieghe Speaks|
|1:00pm||EUR||ECB's Coeure Speaks|
|2:00pm||USD||Housing Price Index MoM (Jul)||0.2%||0.2%|
|2:00pm||USD||S&P/Case-Shiller Home Price Indices YoY (Jul)||6.2%||6.3%|
|11:45pm||NZD||Trade Balance MoM (Aug)||$-930M||$-143M|