Newsletter – 11th July 2017

Morning Bulletin


  • 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
GBP/EUR 1.1321 +0.18
GBP/USD 1.2900 +0.14
EUR/USD 1.1393 -0.06
AUD/USD 0.7618 +0.15


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
13.15 CAD Housing Starts 200K 195K
15.00 USD JOLTS Job Openings 5.98M 6.04M
17.30 USD FOMC Member Brainard Speaks