Previous Day's Market Highlights
Financial markets held a relatively subdued tone across the board yesterday. The greenback’s recent gains were eroded slightly as markets analysed Trump’s latest statements on fiscal stimulus. The currency is still around 1% higher since the week began. GBP touched intra-day highs of above 1.14 after the speech from Mark Carney & Theresa May hinted at a more conciliatory tone in future Brexit negotiations. Data was relatively thin on the ground yesterday and participants cling to the risk-off theme that has dominated the week.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1380||1.1417||1.0745||5.89%|
|GBP / USD||1.3421||1.3664||1.2777||6.49%|
|EUR / USD||1.1796||1.2093||1.1773||2.65%|
|GBP / NZD||1.8564||1.8742||1.7684||5.65%|
|GBP / CAD||1.6683||1.6728||1.5837||5.33%|
Today's Market Highlights
Today sees a busy calendar of data releases as we round off the month. Released already this morning are German retail sales data (m/m), reading -0.4% against a forecast of 0.5%, and UK HPI data (m/m), reading as forecast at 0.2%.
Sterling data of note, released at 9:30AM, includes the UK Current Account, forecast -15.8B, and the release of final UK GDP for the second quarter of the year – forecast at 0.3%. Also of note in the morning session is the release of Eurozone CPI and Core CPI flash estimates at 10AM, forecast at 1.6% and 1.2% respectively.
The afternoon session begins with Canadian m/m GDP at 1:30PM, forecast at 0.1%, and m/m US Core PCE price index data, forecast at 0.2%. The afternoon session is completed with two speeches of note for Sterling, these coming from MPC Member Broadbent and Bank of England governor Carney – continued hawkish comments would likely drive further Sterling strength amid continuing expectations of a rate rise.
Today's Economic Calendar
|09:00||EUR||(Germ) Unemployment Change||-5K||-5K|
|09:30||GBP||Gross Domestic Product (YoY)||1.7K||1.7K|
|10:00||EUR||Consumer Price Index (YoY)||1.6%||1.5%|
|13:30||USD||Core Personal Consumption Expenditure (YoY)||1.4%||1.5%|
|15:45||GBP||BOE’s Governor Carney Speech|
|16:00||USD||FOMC Member Harker Speech|