Previous Day's Market Highlights
Sterling rallied around the time of the Queen’s Speech as the Bank of England’s typically dovish Chief Economist, Andy Haldane, said he saw a case for raising interest rates later this year. Sterling-dollar briefly broke 1.2700 having fallen below 1.2600 earlier in the day for the first time since PM May announced the snap election on 18 April.
Sterling-euro tested 1.1400 before falling back. Euro-dollar drifted higher towards 1.1170.
Oil prices fell further despite a drop in weekly EIA inventories as Libya and Nigeria announced supply increases. Brent crude fell below $45 a barrel. The Canadian dollar weakened against the pound on the release.
The RBNZ kept interest rates on hold at 1.75% as expected. The kiwi strengthened on the announcement, before retracing some of that ground.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1349||1.1624||1.1277||2.99%|
|GBP / USD||1.2680||1.3018||1.2606||3.20%|
|EUR / USD||1.1171||1.1296||1.1109||1.66%|
|GBP / NZD||1.7471||1.8569||1.7414||6.22%|
|GBP / CAD||1.6898||1.7572||1.6721||4.84%|
Today's Market Highlights
The calendar is quieter again today. The European Council meets 22-23 June. Topics on the agenda include a review of the latest Brexit negotiations. Markets will keep an eye on any headlines. Broadly speaking, Brexit negotiations pose a downside risk to the pound.
Afternoon releases include weekly Initial Jobless Claims and Canadian Retail Sales (13:30 BST). Fed Member Powell testifies before the US Senate Committee on Banking, Housing, and Urban Affairs (15:00 BST).
MPC Member Forbes, who leaves the MPC this month, speaks this evening at the London Business School (19:00 BST). Forbes was the first to vote in favour of hiking interest rates and was joined in her dissent this month by two other members.
Today's Economic Calendar
|11:00||GBP||CBI Industrial Trends Survey - Orders MoM (Jun)||7||9|
|13:30||USD||Initial Jobless Claims (Jun 16)||240K||237K|
|13:30||CAD||Retail Sales MoM (Apr)||0.2%||0.7%|
|13:30||CAD||Core Retail Sales MoM (Apr)||0.7%||-0.2%|
|14:00||USD||Housing Price Index MoM (Apr)||0.5%||0.6%|
|15:00||USD||Fed Member Powell Speaks|
|15:00||EUR||Preliminary Consumer Confidence (Jun)||-3.0||-3.3|
|19:00||GBP||MPC Member Forbes Speaks|