Previous Day's Market Highlights
Sterling held above 1.13 against the euro and 1.39 against the dollar. The pound continued to pick up heading into Monday’s session, rising towards 1.14 against the euro and above 1.40 against the dollar Monday morning. Euro-dollar regained 1.23 after inching lower Friday.
Data Friday confirmed that headline inflation in the Eurozone slowed to 1.3% in January and core inflation slowed to 1.0%. The Canadian dollar traded in both directions as CPI slowed less than forecast in January, to 1.7% from 1.9% when compared to a year earlier, but retail sales declined. The pound remains at around its highest levels against the loonie since last May.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
Most of today’s economic data are low- to mid-level releases and may therefore have limited market impact. These include the US’s Chicago Fed National Activity Index (13:30 GMT), New Home Sales (15:00 GMT), and Dallas Fed Manufacturing Business Index (15:30 GMT), and New Zealand’s trade balance (21:45 GMT). The latter may see a softer kiwi in the overnight session.
It’s a busier day for central bank speakers. From the ECB, we have Cœuré giving the welcome address at the first meeting of the ECB’s Working Group on Euro Risk-Free Rates (10:00 GMT), followed by ECB President Draghi’s introductory statement at the European Parliament ECON Hearing. MPC Member Cunliffe will give a speech titled “What is Money?” after the European close (18:00 GMT). On the Fed side, Bullard and Quarles will both speak on the economy (13:00, 20:15 GMT).
Looking ahead, new Fed Chair Powell will give semi-annual testimony before the Senate this week. Brexit will remain in focus with additional government speeches expected, including one from PM May. Key for the euro will be preliminary February CPI figures and the Italian General Elections on Sunday.
Today's Economic Calendar
|10:00||EUR||ECB's Coeure Speaks|
|13:00||USD||Fed's Bullard Speaks|
|13:30||USD||Chicago Fed National Activity Index (Jan)||0.15||0.27|
|14:00||EUR||ECB's President Draghi Speaks|
|15:00||USD||New Home Sales MoM (Jan)||0.642M||0.625M|
|15:30||USD||Dalls Fed Manufacturing Business Index (Feb)||28.4||33.4|
|18:00||GBP||MPC Member Cunliffe Speaks|
|20:15||USD||Fed's Quarles Speaks|
|21:45||NZD||Trade Balance MoM (Jan)||$-2,710M||$640M|