Newsletter – 11th April 2018

Morning Bulletin


  • GBP/EUR made another attempt to break through the 1.15 level yesterday but ultimately failed as the market closed at 1.1474 after trading a high of 1.1503 on the day.
  • GBP/USD posted gains on Tuesday after opening at 1.4128 and closing 0.31% higher at 1.4173.
  • The ECB’s Nowotny said he think now is the time for a gradual normalisation of monetary policy and suggested that the deposit rate could be lifted 20 basis points to -0.2% to start the process of rate increases.
  • Later in the day an ECB spokesperson stated that Nowotny’s views are his own and do not represent the views of the Goverining Council.
  • EU Brexit Minister Barnier said the UK wants an orderly exit for the EU and UK PM May has brought more clarity to the Brexit talks.
  • White House trade adviser Navarro stated that the door is open for trade talks with China.
  • Canadian building permits m/m came in at -2.6% vs -1.5% expected.
  • From the US we saw PPI m/m and core PPI m/m both coming in at 0.3% beating respective estimates of 0.1% and 0.2%.
  • Chinese CPI y/y came in at 2.1% vs 2.6% expected and PPI y/y came in at 3.1% vs 3.2% expected.
  • GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8345, 1.9306 and 151.98, respectively.
  • This morning GBP/EUR is up by a tenth of a percent and GBP/USD is up by just over a quarter of a percent.
  • At 9.30am we will have the latest manufacturing production m/m figure from the UK alongside the goods trade balance.
  • This afternoon we will see inflation data from the US before the FOMC meeting minutes are released at 7pm.


Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1492 +0.16
GBP/USD 1.4210 +0.26
EUR/USD 1.2366 +0.09
AUD/USD 0.7747 -0.15


Time (GMT) Region Data Release Forecast Previous
09:30 GBP Manufacturing Production m/m 0.2% 0.1%
09:30 GBP Goods Trade Balance -12.0B -12.3B
12:00 EUR ECB Draghi speaks
13:30 USD CPI m/m 0.0% 0.2%
13:30 USD Core CPI m/m 0.2% 0.2%
19:00 USD FOMC Meeting Minutes