Jackson Hole Economic Symposium focus of currency market

The Jackson Hole Symposium is in focus today, as are US Durable Goods Orders. GBP/EUR has held below 1.11

Previous Day's Market Highlights

The pound fell back below 1.11 against the euro as the single currency gained and the pound came under renewed pressure. Elsewhere, the dollar benefited from a bid tone. Sterling-dollar gave up 1.29 but remained in the 1.28-1.29 band, while euro-dollar fell back below 1.16.  
 
On the calendar front, the ECB meeting minutes had limited market impact as there were no major surprises. Under-forecast US New Home Sales and Markit PMIs had little impact on the dollar, which remained bid throughout the afternoon.
 
While the pound maintained most of its gains against the Aussie, which remained weaker during the day amidst domestic political turmoil, the Aussie jumped overnight on the news that Scott Morrison will replace Malcolm Turnbull as prime minister.

Currency Pairing 08:00 Today Vs 08:00 Yesterday Four-Week High Four-Week Low % Change
GBP/EUR 1.1087 1.1294 1.1073 1.96%
GBP/USD 1.2830 1.3173 1.2666 3.85%
EUR/USD 1.1571 1.1746 1.1301 3.79%
GBP/AUD 1.7615 1.7825 1.7284 3.04%
GBP/NZD 1.9287 1.9457 1.9077 1.95%
GBP/CAD 1.6780 1.7175 1.6596 3.37%

Today's Market Highlights

This afternoon, mixed US Durable Goods Orders may provide little new price direction for the dollar, which may instead be directed by the latest geopolitical and trade headlines and any key central bank comments from today’s Jackson Hole Economic Symposium speeches.
 
Fed Chair Powell will give the opening remarks at the Symposium (15:00 BST). After the European close, MPC Member Haldane will participate in a panel on Changing Market Structure and Implications for Monetary Policy. On Saturday, BoC Governor Poloz will be one of the panellists in the event’s final Overview Panel. Note that Wyoming is seven hours behind London (GMT-6).
 
Monday is a bank holiday in the UK, so the morning report will return on Tuesday.

Today's Economic Calendar

Time Currency Release Consensus Previous
1:30pm USD Durable Goods Orders (Jul) -0.5% 0.8%
1:30pm USD Core Durable Goods Orders (Jul) 0.5% 0.2%
3:00pm USD Fed Chair Powell Speaks
5:55pm GBP MPC Member Haldane Speaks
24HR USD Jackson Hole Economic Symposium

Caxton