- Sterling lost ground on the euro yesterday, falling by 0.34%. GBP/EUR opened 1.1266 but fell over the course of the day to close at 1.1228.
- GBP/USD also posted a loss on Thursday however the market only pulled back by a tenth of a percent following Wednesday’s rally. The market closed at 1.3305 after opening at 1.3322.
- Moody’s stated that growth in the UK stabilized further in Q3 implying that the negative impact on the economy from Brexit has been relatively modest thus far.
- Fitch Ratings said that ensuring the medium to long term sustainability of the UK’s public finances appears more challenging following this week’s Budget and the OBR reduction to his economic growth forecasts.
- ECB President Draghi yesterday stated that the economic recovery is continuing but inflation remains subdued.
- The ECB’s Villeroy said the Eurozone recovery is robust and added that he was happy about the recent improvement in economic data. He also reiterated that inflation was below target.
- Canadian core retail sales m/m came in weaker than expected at 0.3% vs 0.9% and retail sales came in at m/m 0.1% vs 0.9%.
- New Zealand trade balance came in at -871m vs -750m.
- GBP/NZD, GBP/AUD and GBP/JPY are currently trading 1.9389, 1.7504 and 148.40.
- German Ifo business climate came in better than expected at 117.5 vs 116.60.
- It’s a particularly quiet day on the data front today.
- At 2.45pm we have flash manufacturing PMI from the US with flash services PMI released at the same time.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|14:45||USD||Flash Manufacturing PMI||55.1||54.6|
|14:45||USD||Flash Services PMI||55.5||55.3|