- The only key print yesterday morning was the German IFO Business Climate, with the actual print of 117.2 falling just shy of the expected 117.6. The reading remains near all-time highs, however the slight fall has been attributed to the current political deadlock in Germany.
- The afternoon was dominated by data releases out of the US and they all beat estimates:
- Building Permits 1.30M (1.27M Exp)
- Current Account -101Bn (-116Bn Exp)
- Housing Starts 1.30M (1.25M Exp)
- There was a sharp drop in the New Zealand Global Dairy Trade Index yesterday afternoon, with prices down -3.9%from a fortnight before.
- According to a spokesman, UK PM Theresa May and US President Trump shared a phone call today in which they both agreed upon the importance of a swift UK-US trade deal post-Brexit.
- President Trump is edging closer to his first major legislative triumph, as the Republican Tax Bill has now been approved by the US House of Representatives.
- The Bank of England has announced they plan to allow European Banks that offer wholesale finance to operate as normal under existing rules, even in the event of a ‘No Deal’. This would allow EU banks operating branches in the UK to continue without having to create subsidiaries, which could have potentially cost billions.
- New Zealand Current Account -4.68Bn (-4.22Bn Exp)
- New Zealand Trade Balance -1193Bn (-495Bn Exp)
- Japan All Industries Activity m/m 0.3% (0.4% Exp)
- German PPI m/m 0.1% (0.2% Exp)
- Eurozone Current Account 30.8Bn (33.4Bn Exp)
- Looking like a fairly quiet day on the data front.
- Bank of England Governor Mark Carney is due to speak before the Treasury Select Committee at 1.15pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|11.00||GBP||CBI Realised Sales||21||26|
|13.00||EUR||German Buba President Weidmann speaks|
|13.15||GBP||BOE Gov Carney Speaks|
|13.30||CAD||Wholesale Sales m/m||0.5%||-1.2%|
|15.00||USD||Existing Home Sales||5.53M||5.48M|