Previous Day's Market Highlights
The pound fluctuated as wage growth picked up more than expected but real wages fell because of higher inflation. Sterling-euro ended the day below 1.1200. Euro-dollar edged higher over the course of the day, breaking back above 1.1800, while sterling-dollarbriefly regained 1.3200 in overnight trading.
The Aussie gained on above-forecast employment data, which saw the Unemployment Rate fall to 5.5% in September. It later reversed some of those gains after data showed that economic growth in China slowed to 6.8% year on year in Q3, in line with expectations.
The kiwi dollar fell overnight after the Labour Party won enough support to form a government, hitting some of its lowest levels against the pound since late May.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1175||1.1433||1.1069||3.18%|
|GBP / USD||1.3209||1.3596||1.3027||4.19%|
|EUR / USD||1.1821||1.2005||1.1669||2.80%|
|GBP / NZD||1.8744||1.8773||1.8367||2.16%|
|GBP / CAD||1.6448||1.6798||1.6350||2.67%|
Today's Market Highlights
Sterling may see additional pressure after Retail Sales slowed more than expected in September, declining 0.8% month on month, and with the European Council meeting for a two-day summit, starting this afternoon (from 13:00 BST). Lack of progress on Brexit negotiations continues to pose a significant risk to the pound’s strength, and sterling will remain vulnerable to any negative headlines.
In the afternoon, the dollar may weaken if the Philadelphia Fed Manufacturing Survey slows (13:30 BST), but the releases today are largely mid-level.
Today's Economic Calendar
|09:30||GBP||Retail Sales MoM (Sep)||-0.1%||1.0%|
|09:30||GBP||Core Retail Sales MoM (Sep)||0.1%||1.0%|
|09:30||GBP||Retail Sales YoY (Sep)||2.1%||2.4%|
|09:30||GBP||Core Retail Sales YoY (Sep)||2.4%||2.8%|
|13:30||USD||Initial Jobless Claims (13 Oct)||240K||243K|
|13:30||USD||Philadelphia Fed Manufacturing Survey (Oct)||22.0||23.8|
|14:30||USD||Fed's George Speaks|