Newsletter – 12th April 2019

Morning Bulletin


  • Speaking yesterday, and following Wednesday’s monetary policy meeting, ECB Member Villeroy said the central bank would keep policy as accomodative as necessary and for as long as needed to reach the ECB’s 2% inflation target.
  • US Wholesale prices surged in March, with the PPI m/m reading of +0.6% doubling the +0.3% rise expected. However the figure was almost purely inflated by higher costs of gas as stripping out food and energy prices reveals a flat Core PPI reading.
  • US Unemployment Claims 196K (210K Exp).
  • IMF Chief Christine Lagarde warned yesterday that further delays to Brexit would hinder the growth of the UK economy. Lagarde said the continuing uncertainty would have a negative impact as investors and businesses need that certainty to make decisions.

  • Speaking with House Democrats in a ‘private’ meeting yesterday evening, US Fed Chair Powell asserted that political identification, and pressure from President Trump have no bearing on his or his colleagues decisions at the Federal Reserve, stating ‘we’re strictly nonpartisan’ and that ‘we check our political identification at the door’. Despite being personally nominated by the Trump, the President has consistently voiced his displeasure with the Fed’s decisions to increase interest rates.
  • China Trade Balance (USD Denominated) 32.6Bn (7.7Bn Exp)
  • New Zealand Business Manufacturing Index 51.9 (53.4 Previous)
  • The latest Reserve Bank of Australia financial stability review concluded that at present Australian banks hold sufficient capital and that household debt levels were manageable enough for the financial system to hold up to any potential economic downturn.
  • Very little on the data calendar to end the week.


Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1555 -0.34
GBP/USD 1.3067 +0.13
EUR/USD 1.1307 +0.49
AUD/USD 0.7150 +0.38


Time (GMT) Region Data Release Forecast Previous
TBC CNY Trade Balance 2Bn 34Bn
10.00 EUR Industrial Production m/m -0.5% 1.4%
13.30 USD Import Prices m/m 0.4% 0.6%
14.30 GBP CB Leading Index m/m -0.4%
15.00 USD Prelim UoM Consumer Sentiment 98.1 98.4
15.00 USD Prelim UoM Inflation Expectations 2.5%