Will Trump get trumped?

US midterms start in the US, with results expected sometime tomorrow

Previous Day's Market Highlights

Services PMI from the UK failed to meet expectations yesterday, posting 52.2 against a 53.4 forecast, showing slower growth that expected from the UK’s biggest sector.

In the United States, final services PMI came in just above expectations, with ISM Non-Manufacturing PMI printing a number above 60.3. Although these figures were both above expectations, the dollar failed to show gains throughout the day, if anything sterling came out on top.

Currency Pairing 08:00 Today Vs 08:00 Yesterday Four-Week High Four-Week Low % Change
GBP/EUR 1.1457 1.1463 1.1172 2.54%
GBP/USD 1.3075 1.3257 1.2693 4.25%
EUR/USD 1.1411 1.1620 1.1302 2.74%
GBP/AUD 1.8099 1.8735 1.7871 4.61%
GBP/NZD 1.9605 2.0481 1.9338 5.58%
GBP/CAD 1.7148 1.7286 1.6635 3.77%

Today's Market Highlights

The Republicans will be battling it out with the democrats for control of the House of Representatives and the Senate. With only 5 Senators being the difference for control from the Republicans and Democrats, and the Republicans controlling a 46-seat majority in the House of Representatives - We will get our first look at how the American citizens deem President Trump's current term, 2 years in. The midterms may result in currency markets holding fire, awaiting their outcome.

Early this morning, RBA held the Australian interest rate at 1.5%, having not changed its cash rate in over 2 years. The Eurozone will be posting their services PMI figures throughout the morning, most of which are set to come through as unchanged.

For sterling, given the currency’s sensitivity to Brexit news, the UK cabinet meeting today will warrant attention amid mixed reports of progress in the exit talks.

Today's Economic Calendar

Time Currency Release Consensus Previous
09:00 EUR Final Services PMI 53.3 53.9
21:45 NZD Employment Change 0.5% 0.5%
21:45 NZD Unemployment Rate 4.4% 4.5%
All day USD Mid-Term Elections