- The news broke yesterday that Prime Minister Theresa May will officially trigger Article 50 on 29th March.
- Sterling did weaken slightly against the other majors however the timing did not come as much of a surprise to the markets.
- GBP/EUR dipped from 1.1528 to 1.1508 on the day and GBP/USD closed at 1.2357 after falling from the daily high of 1.2435
- Although the process to withdraw from the EU will begin this month, it is expected that May will begin the exit negotiations with her European counterparts in June.
- When the announcment was made, PM May was in Swansea to sign off the Swansea Bay City Region deal which will provide £1.3bn of investment to the area. If you follow us on social media, you will have noticed that the Prime Minister held a press conference and signed the paperwork in our very own OSTC FX Suite at the Liberty Stadium.
- Australian HPI q/q came in stronger than expected at 4.1% vs the estimate of 2.4%.
- GBP/AUD currently trading around the 1.6061 area.
- This morning we have keenly anticipated inflation data from the UK with the pick being CPI y/y at 9.30am expected to come in at 2.1%.
- This is followed by Bank of England Governor Mark Carney speaking at a panel in London to discuss ethics and culture in banking at the Bank of England.
- We also have retail sales data from Canada at 12.30pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09:30||GBP||PPI Input m/m||0.2%||1.7%|
|09:30||GBP||Public Sector Net Borrowing||2.9B||-9.8B|
|10:35||GBP||BOE Gov Carney Speaks|
|10:35||USD||FOMC Member Dudley Speaks|
|12:30||CAD||Core Retail Sales m/m||1.3%||-0.3%|
|12:30||CAD||Retail Sales m/m||1.5%||-0.5%|