- Yesterday was arguably one of the quietest and most uneventful sessions we’ve had for a little while, owing largely to the lack of economic data due for release.
- In fact when we distributed yesterday’s newsletter at 8.45am GBP/USD and GBP/EUR were trading at 1.2885 and 1.1301 respectively, and by the close of business they were trading at 1.2884 and 1.1298.
- There were just a handful of low key releases over the course of the day:
- Eurozone Sentix Investor Confidence 28.3 (28.1 Exp)
- US Labour Market Conditions Index m/m 1.5 (3.3 prior)
- US Consumer Credit m/m 18.4Bn (12.1Bn Exp)
- There was further encouragement for UK PM May, as speaking yesterday during his visit to the UK, Australian PM Turnbull said he wanted to strike a free trade deal with the UK post-Brexit, and as soon as possible.
- UK BRC Retail Sales y/y 1.2% (-0.4% previously). Sales for June were boosted by warm weather with consumers spending on leisure activities, summer clothes and beauty products.
- US Fed Member Williams said current forecasts of one additional rate hike this year along with starting to normalise the Fed’s balance sheet seems reasonable.
- Australia NAB Business Confidence 9 (Previously 8)
- Japan Prelim Machine Tools Orders y/y 31.1% (24.5% previously)
- Once again we have a potentially quiet day in prospect.
- Fortunately there is more data due for release than yesterday albeit none of it would be deemed high impact.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09.00||EUR||Italian Industrial Production m/m||0.5%||-0.4%|
|11.00||GBP||MPC Member Haldane Speaks|
|11.00||USD||NFIB Small Business Index||104.4||104.5|
|12.00||GBP||MPC Member Broadbent Speaks|
|15.00||USD||JOLTS Job Openings||5.98M||6.04M|
|17.30||USD||FOMC Member Brainard Speaks|