Newsletter – 20th March 2017

Morning Bulletin


  • The Dollar was in focus Friday afternoon, with a raft of economic data to be released. The data however proved largely mixed if not a little disappointing and so the Dollar continued to weaken off into the close of Friday’s trading:
    • Capacity Utilization Rate 75.4% (75.5% Exp)
    • Industrial Production m/m 0.0% (0.3% Exp)
    • University of Michigan Consumer Confidence 97.6 (97.1 Exp)
  • The Dollar is still being weighed down by the less than hawkish Federal Reserve meeting last Wednesday evening. Whilst the Fed did of course hike rates by 25bps, it was the unchanged expectation for the number of hikes going forward that has hit the Dollar in FX space.
  • Latest French Opinionway poll released Friday:
    • First round: Le Pen 28% (+1%), Macron 25% (Unchanged), Fillon 20% (+1%).
    • Second Round: Macron 59% (-1%), Le Pen 41% (-1%).
  • Canadian Manufacturing Sales m/m 0.6% (2.1% previous).
  • Sterling had a strong end to the week’s trading:
    • Versus the Euro; Opened at 1.1468, Closed at 1.1539.
    • Versus the US Dollar; Opened at 1.2337, Closed at 1.2395.

Over The Weekend

  • New Zealand Westpac Consumer Sentiment 111.9 (113.1 Previous)
  • UK Rightmove House Price Index m/m 1.3% (2.0% Previous)
  • German PPI m/m 0.2% (0.4% Exp)
  • The G20 countries met over the weekend, some interesting amendments:
    • G20 Communique dropped its previous vow to resist “all forms of protectionism”.
    • A prior reference to climate change financing was also dropped.


  • Typically quiet Monday in prospect with no key economic data set for release.
  • There are however a number of key speakers later this afternoon/evening, of particular interest will be US Fed Member Evans who speaks just after 5pm.
  • Worth noting it is a Japanese Bank Holiday Today.


Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1526 -0.15
GBP/USD 1.2408 +0.14
EUR/USD 1.0763 +0.24
AUD/USD 0.7724 +0.29


Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
11.00 EUR German Buba Montly Report
12.30 CAD Wholesale Sales m/m 0.3% 0.7%
14.30 AUD CB Leading Index m/m -0.1%
16.45 EUR ECB Member Weidmann Speaks
17.10 USD FOMC Member Evans Speaks
18.20 GBP BOE Member Haldane Speaks
21.45 NZD Visitor Arrivals m/m 1.9%
23.30 USD President Trump Speaks