- Despite bank holidays occurring across a large part of the globe the FX markets remained open last Friday and there were some key figures released out of the United States in the afternoon:
- These disappointing readings didn’t appear to have much of an impact on the US Dollar as the currency remains under pressure due to the countries heightened tensions with North Korea.
Over The Weekend
- Chinese GDP q/y 6.9% (6.8% Exp)
- Chinese Industrial Production y/y 7.6% (6.2% Exp)
- Empire State Manufacturing 5.2 (15.2 Exp)
- According to Minutes from the Reserve Bank of Australia’s most recent meeting, members believed the economy had likely made solid progress in Q1 and inflation was slowly progressing towards target, however there were concerns around the housing market and household credit continuing to outpace household incomes.
- Sterling continues to benefit from the US involvement with North Korea, with the Pound coming close to testing the 1.2600 handle twice in the last 24 hours.
- The Euro could continue to come under pressure this week as the French Presidential Election continues to remain seemingly wide open. Far Left Candidate Melenchon continues to gather support making it a four horse race.
- Following President Erdogan’s referendum victory in Turkey over the weekend, opponents have now said they are planning to challenge the contentious victory, whilst the EU are discussing suspending accession talks.
- Very quiet morning in prospect with no data set for release.
- Any action is likely to take place this afternoon with a raft of US data kicking off at 1.30pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|13.30||CAD||Foreign Securities Purchases||5.21Bn||6.20Bn|
|14.15||USD||Capacity Utilisation Rates||76.3%||75.4%|
|14.15||USD||Industrial Production m/m||0.5%||0.0%|
|TBC||NZD||GDT Price Index||1.6%|