- Yesterday was a relatively quiet day in the markets with GBP/EUR closing only 7 points lower than its opening rate at 1.1364 and GBP/USD barely a point lower on the close at 1.2751.
- We saw mixed unemployment data from the UK yesterday with the average earnings index 3m/y falling short of expectations at 2.1% vs 2.4% but claiming count change did beat estimates by coming in at 7.3K vs 12.5K expected. The unemployment rate remained at 4.6%.
- Lib Dem Tim Farron stepped down as leader of the party yesterday citing a conflict between his faith and his party leadership.
- We saw the FOMC increase rates as expected despite recent disappointing economic data from the US.
- US inflation and retail sales data missed expectations as CPI m/m, core CPI m/m and retails sales m/m fell short coming in at -0.1% vs 0.2%, 0.1% vs 0.2% and -0.3% vs 0.1%, respectively.
- US President Donald Trump will be investigated by special counsel Robert Mueller for possible obstruction of justice. (BBC News).
- New Zealand GDP q/q came in short of expectations at 0.5% vs 0.7% expected.
- Australian unemployment data beat estimates with employment change coming in at 42K vs 9.7K expected and the unemployment rate came in at 5.5% vs 5.7% expected.
- UK retail sales missed this morning coming in at -1.2% vs 0.9% expected.
- At 12pm all eyes turn to the Bank of England with the MPC expected to keep rates unchanged. Voting is expected to be 7 in favour of no change and 1 in favour of a rate increase.
- This afternoon we have unemployment claims for the US along with industrial production m/m.
- BoE Governor Mark Carney is due to speak at the Mansion House Bankers and Merchants dinner in London at 9pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|12:00||GBP||MPC Bank Rate Votes||1-0-7||1-0-7|
|12:00||GBP||Monetary Policy Summary|
|12:00||GBP||Official Bank Rate||0.25%||0.25%|
|14:15||USA||Industrial Production m/m||0.2%||1.0%|