Previous Day's Market Highlights
The pound fell to its lowest levels against the euro since 11 September as the rate dropped below 1.10. The rate had hit lows of 1.0745 on 29 August, 2017, which were its lowest levels since 2009 outside of October 2016's sterling flash crash. This latest dip brings those lows back into focus. Euro-dollar regained 1.17 to trade at one-month highs.
Renewed pressure on the pound stemmed from a combination of factors, including resistance in the sterling-dollar rate, focus on no-deal Brexit fears as Prime Minister May spoke, and dollar gains around a jump in consumer confidence to a nearly 18-year high. A Brexit deal by the preferred October deadline seems increasingly unlikely.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
The calendar picks up for the dollar this afternoon. The second estimate of Q2 GDP is projected to see a slight downwards revision from 4.1% to 4.0%, which could weigh slightly on the dollar alongside softer Pending Home Sales (13:30, 15:00). The Canadian dollar will keep an eye on the Q2 Current Account deficit (13:30).
Overnight, a decline in Australian Building Permits could add to pressure on the Aussie.
Today's Economic Calendar
|1:30pm||USD||Core PCE QoQ (Q2)||2%||2%|
|1:30pm||CAD||Current Account (Q2)||-15.2B||-19.5B|
|3:00pm||USD||Pending Home Sales MoM (Jul)||0.4%||0.9%|
|3:30pm||USD||EIA Crude Oil Inventories (24 Aug)||-0.522M||-5.836M|
|2:30am||AUD||Building Permits YoY (Jul)||-3.0%||1.6%|