Previous Day's Market Highlights
Sterling picked up around 0.2% against both the dollar and the euro yesterday morning on the back of an above-forecast Manufacturing PMI print. Sterling-euro temporarily broke 1.1200. Sterling-dollar largely held above 1.3200 and euro-dollar above 1.1800.
US data offered the dollar little support. Personal spending and income slowed from May to June, as did the PCE deflator, although by less than forecast. The ISM Manufacturing PMI fell to 56.3 from 57.8, more than forecast.
New Zealand’s Unemployment Rate fell to 4.8% from 4.9% as forecast. The kiwi dollar fell against the pound as the participation rate declined and average earnings grew more slowly than expected. The rate met resistance around 1.7800.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1162||1.1438||1.1117||2.81%|
|GBP / USD||1.3215||1.3246||1.2812||3.28%|
|EUR / USD||1.1839||1.1847||1.1312||4.52%|
|GBP / NZD||1.7760||1.7994||1.7398||3.31%|
|GBP / CAD||1.6615||1.6856||1.6238||3.67%|
Today's Market Highlights
This afternoon’s highlight is the ADP Employment Change release (13:15 BST). A strong reading could support the dollar and increase expectations of a positive July jobs report on Friday. The Fed’s Mester and Williams, both non-voters this year, speak this evening.
Today's Economic Calendar
|09:30||GBP||Construction PMI (Jul)||54.5||54.8|
|10:00||EUR||Producer Price Index MoM (Jun)||-0.1%||-0.4%|
|10:00||EUR||Producer Price Index YoY (Jun)||2.5%||3.3%|
|13:15||USD||ADP Employment Change (Jul)||190K||158K|
|15:30||USD||EIA Crude Oil Inventories (Jul 28)||-2.900M||-7.208M|
|17:00||USD||Fed Member Mester Speaks|
|20:30||USD||Fed Member Williams Speaks|
|02:30||AUD||Trade Balance (Jun)||$1,800M||$2,471M|
|15:00||USD||ISM Manufacturing PMI (Jul)||56.4||57.8|
|15:00||NZD||Global Dairy Trade Price Index||0.2%|
|22:45||NZD||Employment Change (Q2)||0.7%||1.2%|
|22:45||NZD||Unemployment Rate (Q2)||4.8%||4.9%|
|02:30||AUD||Building Permits MoM (Jun)||1.0%||-5.6%|