Previous Day's Market Highlights
Despite a somewhat busy day yesterday in terms of data, the markets maintained a quieter tone. UK Services PMI and Eurozone Retail Sales were kept largely in line with expectations and the release of the FED minutes yesterday evening had limited effect on the FX markets.
Cable (GBP/USD) is still trading in arrange of 1.29 – 1.2946, whilst sterling made a slight gain against the EUR after opening at 1.1364 and closing just above 1.14.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1393||1.1572||1.1261||2.69%|
|GBP / USD||1.2934||1.3031||1.2589||3.39%|
|EUR / USD||1.1350||1.1446||1.1119||2.86%|
|GBP / NZD||1.7770||1.8037||1.7338||3.88%|
|GBP / CAD||1.6762||1.7536||1.6684||4.86%|
Today's Market Highlights
The EUR will be under pressure today as the markets anticipate the release of the minutes from the ECB’s latest meeting. Given President Draghi’s quickly retracted hawkish comments last week, markets will be looking to see any indication as to when the ECB plan to start tapering their quantitative easing programme and to put an end to negative interest rates.
In the US, investors will be looking towards todays Non-manufacturing PMI data release this afternoon which is forecast slightly below previous at 56.5 and the ADP Employment Change for June (forecast below previous at 185k) which is released later ahead of non-farms tomorrow. However, barring any dramatic shocks, this should leave the market little changed.
Today's Economic Calendar
|12:00||USD||President Trump Speech|
|12:30||EUR||ECB Monetary Policy Meeting Accounts|
|13:15||USD||ADP Employment Change (Jun)||185k||253k|
|13:30||USD||Trade Balance (May)||-$46.2bn||-$47.6bn|