Newsletter – 25th August 2017

Morning Bulletin


  • Yesterday was a rather muted day in the GBP/EUR and GBP/USD markets.
  • GBP/EUR opened at 1.0835 and traded as high as 1.0881 before closing at 1.0848 which represents a 13 point gain on the day.
  • GBP/USD traded a high of 1.2836 and a low of 1.2773 yesterday but only closed a point higher than where it opened at 1.2799.
  • UK Second Estimate GDP q/q came in as expected at 0.3% but preliminary business investment fell short of expectations at 0.0% vs 0.2%.
  • In the US, unemployment claims came in broadly as expected at 234K vs 237K. Existing home sales was weaker than expected at 5.44M vs 5.55M.
  • Yesterday was also the first day of the Jackson Hole Symposium where the top central bankers from around the world gather in Wyoming.
  • No significant data from the Asian session overnight.
  • GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.6182, 1.7747 and 140.47 respectively.
  • Today is day 2 of the Jackson Hole Symposium and we are expecting speeches from Janet Yellen (5pm) and Mario Draghi (8pm) so these will be closely watched by traders.
  • This morning German Ifo Business Climate came in at 115.9 vs 115.5.
  • At 1.30pm we are expecting core durable goods orders m/m from the US.
This is reminder that due to Monday 28th being a UK bank holiday, our desk will be closed but normal service resumes from 8am on Tuesday.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.0860 +0.11
GBP/USD 1.2816 +0.13
EUR/USD 1.1799 +0.01
AUD/USD 0.7915 +0.22


Time (GMT) Region Data Release Forecast Previous
13:30 USD Core Durable Goods Orders m/m 0.4% 0.1%
13:30 USD Durable Goods Orders m/m -6.0% 6.4%
17:00 USD Fed Chair Yellen Speaks
20:00 EUR ECB President Draghi Speaks
Day 2 ALL Jackson Hole Symposium