- Sterling broke it’s recent lows against the euro and the US dollar yesterday.
- GBP/EUR fell by nearly half a percent closing at 1.1461 after opening at 1.1514. Sterling has devalued by 2.4% against the euro over the past 10 days.
- GBP/USD fell by 0.49% after opening at 1.2903, trading a low of 1.2826 and closing at 1.2840.
- Prime Minister Theresa May said that MPs have a duty to “ensure we deliver” Brexit by voting for the Withdrawal Agreement Bill which will be brought to the House of Commons on the week commencing 3rd June.
- Labour said they would not vote for the deal if no cross-party agreement had been agreed by then. Cross-party talks have yet to bear any progress.
- The DUP have also said they will vote against the deal.
- The UK Brexit Secretary Stephen Barclay has said that if the bill did not pass this time then the deal would be “dead in that form”. He then went on to say if the bill were to be rejected then MPs would have to decide whether to opt for no-deal Brexit or revoke Brexit altogether.
- US President Donald Trump said he has no decided whether to go ahead with threatened tariffs on another $325bn of Chinese imports and said he expects to meet China’s president at the G20 summit in Japan.
- Eurozone flash GDP came in as expected at 0.4%.
- Canadian CPI m/m came in as expected at 0.4%.
- US core retails sales fell short of expectations coming in at 0.1% vs 0.7% expected and retails m/m came in at -0.2% vs 0.2% expected.
- Australian employment change came in better than expected at 28.4K vs 15.2K. The unemployment rate was weaker than anticipated at 5.2% vs 5.0%.
- GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.8548 (+0.09%), 1.9547 (-0.05%) and 140.46 (-0.19%), respectively.
- Sterling has continued its recent weakness this morning trading down 0.17% against the euro and 0.10% against the US dollar.
- At 1.30pm we expect to seeing manufacturing sales data from Canada alongside building permits and Philly Fed manufacturing data from the US.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|13:30||CAD||Manufacturing Sales m/m||1.5%||-0.2%|
|13:30||USD||Philly Fed Manufacturing Index||10.0||8.5|