- Sterling was one of the main beneficiaries of a painfully quiet day as far as economic data was concerned. With no key or even medium impact data set for release the Pound made gains across the board against its major currency counterparts.
- GBP/USD close the day up +0.37% at 1.3900.
- GBP/EUR posted slightly more modest gains of +0.17%, closing at 1.1275.
- GBP/CAD posted some of the best gains, up +0.56% at 1.7838.
- The Pound appeared to be underpinned by comments from UK Brexit Minister Robin Walker who said that the UK was close to agreeing details to secure a transitional period with the EU.
- Speaking yesterday ECB Member Benoit Coeure said the timings of when the ECB could potentially look to raise interest rates had not been debated by the Central Bank and that they would remain at very low levels far beyond the horizon of the asset purchase program.
- Later in the day, a spokesman for UK PM Theresa May said she still expects to reach a transitional agreement at this month’s EU summit.
- The US Government’s budget deficit was largely in-line with expectations in February with the monthly deficit standing at$215Billion. The shortfall was a result of falling revenues into the Government’s coffers and an increase in spending.
- Australia NAB Business Confidence 9 (11 Previously)
- Japan Tertiary Industry Activity m/m -0.6% (-0.2% Exp)
- According to Canadian PM Trudeau, Canada’s exemption from Trump’s tariffs are nothing to do with NAFTA talks and that no ‘magical favour was being done’. Mr Trudeau added millions of jobs on either side of the border were dependent on smooth flows of trade.
- UK Chancellor Phillip Hammond is due to give his spring statement at 11.30am this morning. The statement will be a half-yearly update of Britain’s public finance figures but is highly unlikely to contain any new tax or spending measures.
- This afternoon US CPI m/m is our key print at 12.30pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|10.00||USD||NFIB Small Business Index||107.1||106.9|
|11.30||GBP||UK Govt Annual Budget Release|
|14.15||CAD||BOC Gov Poloz Speaks|
|21.45||NZD||New Zealand Current Account||-2.45Bn||-4.68Bn|