- Pretty flat day in FX space yesterday with little to no data released.
- According to Germany’s Central Bank the German economy will continue its strong growth trend in the third quarter, with industrial output playing an important role, largely due to a substantial expansion in exports.
- This positive message on the economy from the Central Bank could bolster Chancellor Merkel’s chances of re-election at the upcoming German elections.
- The European Commission reiterated yesterday that sufficient progress must be made in Brexit talks before any negotiation on future trade deals with the UK can begin.
- Meanwhile a spokesperson for UK PM Theresa May said that the Government is confident enough progress will have been made by October to enable talks to move on to the next stage.
- A survey from the National Association of Business Economics revealed that more than half of the 176 ‘Big US Firm’ economists think the US Fed will Hike two times or fewer in 2018.
- Canadian Wholesale Sales m/m fell by -0.5% during June, that was against an expected rise of 0.6%. The Canadian Dollar took a hit in FX space off the back of this weak data.
- President Trump has signed off on the US sending an additional 4000 troops to Afghanistan, stating that this was no about the US trying to rebuild a nation but simply about killing terrorists.
- According to Kuwaiti oil minister OPEC will discuss whether to extend or end production cuts at a meeting in November.
- Swiss Trade Balance 3.51Bn (2.88Bn Exp)
- Unfortunately not a great deal of data once again today.
- UK Borrowing and German Consumer Confidence will be the focus this morning.
- Canadian Retail Sales is the only key print this afternoon due at 1.30pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|09.30||GBP||Public Net Sector Borrowing||0.0Bn||6.3Bn|
|10.00||EUR||German ZEW Economic Sentiment||14.8||17.5|
|11.00||GBP||CBI Industrial Order Expectations||8||10|
|13.30||CAD||Core Retail Sales m/m||0.0%||-0.1%|
|14.00||CNY||CB Leading Index m/m||1.6%|
|15.00||USD||Richmond Manufacturing Index||11||14|