Newsletter – 1st April 2019

Morning Bulletin

Friday

  • Parliament voted down Theresa May’s deal for the third time on Friday with 344 MPs voting against the deal and 277 MPs voting in favour. 
    • MPs were voting on the withdrawal agreement in isolation this time not on both the withdrawal agreement and political declaration.
    • PM May said after the result that the House of Commons must come to a consensus as to how the situation is moved forward.
    • Leader of the opposition Jeremy Corbyn said that a general election is necessary to break through the impasse.
    • The House of Commons will now have a second round of indicative votes on Monday.
  • UK current account data came in weaker than expected at -23.7B vs -22.9B. Final GDP q/q came in as expected at 0.2% and net lending to individuals m.m came in at 4.6B.
  • Canadian GDP came in better than expected at 0.3% vs 0.1%.
  • US personal spending was soft at 0.1% vs 0.3%.
  • Chicago PMI was 58.7 vs 61.1.
  • GBP/EUR opened at 1.1617, traded a high of 1.1687, a low of 1.1564 and closed at 1.1625.
  • GBP/USD opened at 1.3073, traded a high of 1.3136, a low of 1.2976 and closed at 1.3034.
Overnight
  • Chinese manufacturing PMI came in at 50.5 vs 49.6 and Caixan manufacturing PMI came in at 50.8 vs 50.1.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading 1.8329, 1.9134 and 145.15, respectively.
Today
  • UK manufacturing PMI came in at 55.1 vs 51.2.
  • At 10am we have CPI flash estimates from the Eurozone.
  • At 1.30pm we have retail sales data from the US with ISM manufacturing following at 3pm.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1632 +0.09
GBP/USD 1.3081 +0.38
EUR/USD 1.1244 +0.26
AUD/USD 0.7127 +0.44

 

Time (GMT) Region Data Release Forecast Previous
10:00 EUR CPI Flash Estimate y/y 1.5% 1.5%
10:00 EUR Core CPI Flash Estimate y/y 0.9% 1.0%
13:30 USD Core Retail Sales m/m 0.4% 0.9%
13:30 USD Retail Sales m/m 0.3% 0.2%
15:00 USD ISM Manufacturing PMI   54.2