- A day of muted action from sterling against the euro yesterday with the GBP/EUR market closing up less than a tenth of a percent from the open.
- There was a particular lack of data from the UK and the Eurozone.
- Sterling did lose ground on the US dollar mainly due to dollar strength following a better than expected Unemployment Claims figure from the US (234K vs 249K expected).
- GBP/USD came off by 0.3% on the day closing at 1.2494 after opening at 1.2536.
- A US federal appeals court rejected President Trump’s attempt to reinstate his travel ban on citizens from manly Muslim countries. President Trump has tweeted in light of the decision stating that he will be responding with a legal challenge.
- Overnight we saw the release of the Monetary Policy Statement from Australia in which the RBA concluded that it was highly unlikely that Australia entered a recession over the second half of last year.
- We also saw trade balance data released from China – the 355B figure was better than the expected figure fo 295B.
- Manufacturing data from the UK is first up today with Manufacturing Production m/m being released at 9.30am. UK Goods Trade Balance data will be released simultaneously.
- Then at 1.30pm we have data from the US and Canada in the form of Import Prices m/m from the US and Employment Change and Unemployment Rate from the US.
- Then finally at 3pm we expect the release of Preliminary UoM Consumer Sentiment from the US.