Newsletter – 16th February 2018

Morning Bulletin


  • EUR/USD pushed back up to its recent high yesterday closing at 1.2506. This represents a 0.46% increase in relative value of the euro against the US dollar on Thursday.
  • Sterling performed well against the other majors. It gained 0.73% on the US dollar closing at 1.4099 after opening at 1.3997. Against the euro we saw an increase of 0.29% with GBP/EUR closing at 1.1272 after opening at 1.1239.
  • US PPI m/m came in as expected at 0.4% and core PPI m/m came in better than expected at 0.4% vs 0.2%.
  • The Empire State manufacturing index came in weaker than expected at 13.1 vs 17.7 and the Philly Fed manufacturing index came in better than expected at 25.8 vs 21.5 expected.
  • US unemployment claims came in at 230K vs 229K expected and capacity utilization rate was slightly soft at 77.5% 78.0%. Industrial production m/m was weaker than expected at -0.1% vs 0.2% expected.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading 1.7692, 1.9008 and 149.56 at the time of writing.
  • EUR/USD has traded at its highest level since December 2014 this morning with the market briefly trading 1.2555.
  • At 9.30am we expect month-on-month retail sales data from the UK, The expected figure is 0.5%.
  • This afternoon we will see foreign securities purchases and manufacturing sales m/m from Canada alongside US building permits, housing starts and import prices m/m.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1258 -0.12
GBP/USD 1.4120 +0.15
EUR/USD 1.2538 +0.26
AUD/USD 0.7986 +0.56


Time (GMT) Region Data Release Forecast Previous
09:30 GBP Retail Sales m/m 0.5% -1.5%
13:30 CAD Foreign securities purchases 19.18B 19.56B
13:30 CAD Manufacturing sales m/m 0.2% 3.4%
13:30 USD Building permits 1.29m 1.30m
13:30 USD Housing starts 1.23m 1.19m
13:30 USD Import prices m/m 0.6% 0.1%