Newsletter – 17 February 2017

Morning Bulletin


  • The US dollar lost ground on the euro and the pound yesterday despite stronger-than-expected data from the US.
  • The US Philly Fed Manufacturing Index came in at an impressive 43.3 vs 18.5 expected – the strongest figure for 33 years.
  • US building permits also beat expectations at 1.29M vs 1.23M expected and unemployment claims came in roughly in line at 239K vs 243K expected.
  • We would normally expect these figures to aid the dollar’s cause however as has been the case recently, the dollar is reluctant to strengthen as would be expected, despite the favourable economic conditions.
  • EUR/USD closed up 0.71% on the open at 1.0674 where as GBP/USD closed up just under one third of a percent at 1.2487.
  • President Trump held his first solo press conference yesterday in which he spent a large chunk of his time attacking the US media and defending his first weeks in office. He told reporters their level of dishonesty was ‘out of control’.
  • GBP/EUR fell on the day closing at 1.1699 after opening at 1.1752.
  • We saw weaker-than-expected retail sales from New Zealand overnight with retail sales q/q coming in at 0.8% vs 1.1% expected and core retails sales q/q coming in at 0.6% vs 0.9% expected.
  • Very quiet on the data front today with the only real figure of note being UK retail sales m/m at 9.30am.
  • We are expecting a figure of 1.0% following -1.9% last time around.


Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1705 +0.05
GBP/USD 1.2461 -0.2
EUR/USD 1.0645 -0.27
AUD/USD 0.7676 -0.23


Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
09.30 UK Retail Sales m/m 1.0% -1.9%
13.30 CAD Foreign Securities Purchases 11.59B 7..24B