Newsletter – 20th July 2018

Morning Bulletin


  • Sterling weakened further on Thursday amid all the UK political dysfunction closing at its lowest level against the euro since November 2017.
    • GBP/EUR opened at 1.1228 and closed at 1.1177 representing a decrease of 0.45% on the day.
    • GBP/USD opened at 1.3068 and traded a low of 1.2957 before recovering a bit to close at 1.2957 – the lowest close since September 2017.
  • UK retail sales came m/m came in at a disappointing -0.5% when it was expected to grow by 0.1%.
  • US President Trump has invited Russian leader Vladimir Putin to visit the US in the autumn says his press secretary Sarah Sanders. Sanders tweeted that discussions were under way.
  • In the US Philly Fed manufacturing index came in better than expected at 25.7 vs 21.6 whereas unemployment claims also came in stronger than expected at 207K vs 220K.
  • GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.7667, 1.9242 and 146.33.
  • UK public sector net borrowing came in weaker than expected this morning at 4.5B vs 3.6B.
  • Later today we have data released from Canada including CPI m/m and core retail sales m/m.
  • PM Theresa May is visiting Northern Ireland today where she is expected to say that the new Brexit plan agreed at Chequers will deliver for Northern Ireland.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1173 -0.04
GBP/USD 1.3011 -0.02
EUR/USD 1.1643 +0.02
AUD/USD 0.7367 +0.17


Time (GMT) Region Data Release Forecast Previous
13:30 CAD CPI M/M 0.1% 0.1%
13:30 CAD Core Retail Sales m/m 0.6% -0.1%
13:30 CAD Common CPI y/y 1.9%
13:30 CAD Median CPI y/y 1.9%
13:30 CAD Retail Sales m/m 1.0% -1.2%
13:30 CAD Trimmed CPI y/y 1.9%