Newsletter – 8th March 2018

Morning Bulletin


  • Sterling posted its fifth consecutive day of gains against the US dollar yesterday with GBP/USD modestly increasing from 1.3885 to 1.3894.
  • US ADP non-farm employment change came is stronger than expected at 235K vs 199K.
  • News broke that US President Donald Trump is set to sign his tariffs decree this week with Canada and Mexico excluded.
  • GBP/EUR traded at its lowest value since last November having posted a low of 1.1152 on Wednesday. The market did recover to close up on the day 1.1201 representing a gain of just under a tenth of a percent.
  • Canadian trade balance came in better than expected at -1.9B vs -2.5B and labour productivity came in slightly firmer at 0.2% vs 0.1%.
  • Australian trade balance came in better than expected at 1.06B vs 0.21B expected.
  • Chinese trade balance also came in better than expected at 225B vs -70B expected.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.7782, 1.9100 and 147.18, respectively.
  • The EU rate will be announced at 12:45 today and is expected to remain at 0.00%.
  • Most eyes will be on the ECB press conference at 1.30pm where the consensus is for no change in easing bias and forward guidance.
  • Canadian building permits m/m and NHPI m/m figures are due to be released at 1.30pm alongside unemployment claims from the US.


Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1204 +0.02
GBP/USD 1.3879 -0.10
EUR/USD 1.2390 -0.17
AUD/USD 0.7801 -0.27


Time (GMT) Region Data Release Forecast Previous
12:45 EUR Minimum Bid Rate 0.00% 0.00%
13:30 CAD Building Permits m/m -0.3% 4.8%
13:30 CAD NHPI m/m 0.1% 0.0%
13:30 EUR ECB Press Conference
13:30 USD Unemployment Claims 220K 210K