- Sterling lost some ground against the US dollar and euro on Friday.
- GBP/EUR opened at 1.1219 and traded a low of 1.0991 before mostly recovering to close the day at 1.1163.
- GBP/USD opened at 1.3120 and traded a low of 1.2661 before closing at 1.2950.
- EU Chief Negotiator Michel Barnier boosted the pound by commenting that the EU want the ‘closest relationship possible’ with UK. He also said he is open to working on alternative solutions to the Irish border question.
- We had two pieces of data from Canada that missed expectations. Employment change came in at -54.6K vs 5.1k expected and the unemployment rate was published at 6.0% vs 5.9% expected.
- From the US, average hourly earnings m/m came in better than expected at 0.4% vs 0.2%, the unemployment rate came at 3.9% vs 3.8% and non-farm payrolls came in at 201K vs 191K expected.
- Chinese CPI y/y came in slightly better than expected at 2.3% vs 2.1% expected.
- GBP/AUD, GBP/NZD and GBP/JPY are currently trading 1.8184, 1.9813 and 143.64, respectively.
- This morning we have UK data – GDP m/m, manufacturing production m/m and good trade balance at 9.30am.
- FOMC member Bostic will speak at some point during the US session.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09:30||GBP||Manufacturing Production m/m||0.2%||0.4%|
|09:30||GBP||Goods Trade Balance||-11.7B||-11.4B|
|Tentative||USD||Member Bostic Speaks|