- Sterling posted gains against the euro and US dollar last week despite a softer than expected manufacturing production number. UK manufacturing production grew by 0.1% during the three months to the end of January – a slower pace than the 0.3% seen in December and short of widely-expected growth of 0.2%.
- Although this figure fell short of expectations, it is the ninth consecutive period of growth which is the longest uninterrupted period of growth for UK manufacturers since ONS records began in 1968. (PoundSterlingLive)
- GBP/EUR gained by 0.38% on Friday opening at 1.1211 and closing up at 1.1254.
- GBP/USD also increased after opening at 1.3807 and closing at 1.3849 representing an increase of a third of a percent.
- UK goods trade balance came in at -12.3B vs -12.0b expected.
- Elsewhere Canadian employment change came in soft at 15.4K vs 21.3K but the unemployment rate was slightly better at 5.8% vs 5.9%.
- In the US, average hourly earnings came in softer than expected at 0.1% vs 0.2% along with the unemployment rate (4.1% vs 4.0%) but non-farm payrolls came in better than expected at 313K vs 205K.
Over The Weekend
- Chancellor Philip Hammond rejected the calls to end austerity yesterday ahead of the Spring Statement on Tuesday by commenting that the UK can see the light at the end of the tunnel but are ‘still in the tunnel at the moment’.
- Chinese CPY y/y came in better than expected at 2.9% vs 2.5% and PPI y/y came in as expected at 3.7%.
- We have seen a mixed start to the day for sterling with GBP/EUR down ever so slightly at 0.03% and GBP/USD showing up 0.15%.
- We have a really quiet start to the week with very no data of any note being released today.
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|Time (GMT)||Region||Data Release||Forecast||Previous|
|23:45||NZD||RBNZ Gov Spencer Speaks|