- Sterling rallied yesterday despite no fresh Brexit developments.
- GBP/EUR opened at 1.1303 and traded a high of 1.1409 before closing at 1.1400 – an increase of 0.86% on the day.
- GBP/USD opened at 1.2877 and traded a high of 1.3001 before closing at 1.2985 which represents an increase of 0.83% on Thursday.
- Some analysts are putting the move down to the the perception that a ‘no deal’ Brexit is less likely with PM Theresa May actively pursuing discussions with senior Parliamentarians,
- The prime minister wrote to Labour leader Jeremy Corbyn inviting him to take part in discussions to establish a consensus on the type of deal that would get approval in the commons. Corbyn has so far refused to take part until a ‘no deal’ Brexit is taken off the table by the prime minister.
- EU Brexit minister Barnier said that the deal struck with the UK is the best deal possible.
- In the US, the Philly Fed manufacturing index came in stronger than expected at 17.0 vs 9.7.
- The Fed’s Quarles said that US economic data is very strong while inflation is well contained.
- GBP/AUD, GBP/NZD and GBP/JPY are currently trading 1.8019 (-0.19%), 1.9154 (-0.24%) and 141.80 (-0.02%), respectively.
- UK retail sales came in slighty weaker than expected this morning at -0.9% vs -0.8%.
- At 1.30pm we have CPI m/m from Canada along with common CPI y/y, median CPI y/y and trimmed CPI y/y.
- PM May will continue to meet MPs today to discuss a way to deliver Brexit.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|13:30||CAD||Common CPI y/y||1.9%||1.9%|
|13:30||CAD||Median CPI y/y||1.9%||1.9%|
|13:30||CAD||Trimmed CPI y/y||1.9%||1.9%|