Newsletter – 10 March 2017

Morning Bulletin


  • As expected, the ECB left rates unchanged yesterday at 0.00%. In the accompanying press conference, President Mario Draghi stressed that the central bank currently has very little sense of urgency to take further action on the rate.
  • The ECBs asset purchase programme is set to continue at €80bn for this month before proceeding at €60bn from April.
  • GBP/EUR fell by a third of a percent, opening at 1.1538 before closing the day down at 1.1499. whereas EUR/USD was up by 0.33%.
  • US unemployment claims came in very slightly firmer than expected at 243K vs 239K.
  • Overnight we saw the BSI manufacturing index from Japan come in much weaker than expected at 1.1 vs 8.4.
  • As a result we saw the yen weaken and GBP/JPY strengthen by half a percent.
  • This morning UK manufacturing production m/m come in at -0.9%  vs -0.6% expected.
  • This afternoon we will see employment data from Canada and employment and earnings data from the US.
  • The expected non-farm payrolls figure is 200K.


Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1469 -0.26%
GBP/USD 1.2167 +0.04%
EUR/USD 1.0610 +0.33%
AUD/USD 0.7525 +0.30%


Current at time of distribution

Time (GMT) Region Data Release Forecast Previous
13:30 CAD Employment Change -4.8K 48.3K
13:30 CAD Unemployment Rate 6.8% 6.8%
13:30 USD Average Hourly Earnings m/m 0.3% 0.1%
13:30 USD Non-farm Employment Change 200K 227K
13:30 USD Unemployment Rate 4.7% 4.8%