- The US and the EU have agreed to launch a ‘new phase’ in relations and work towards zero tariffs. Following meetings yesterday between US President Donald Trump and European Commission chief Jean-Claude Juncker, they also agreed to increase trade in services and agriculture.
- The two leaders met to defuse what had threatened to become a trade war fueled by tariffs set by the US.
- President Trump declared the day a ‘very big day for free and fair trade’ and Mr Juncker thanked the president for a ‘good, constructive meeting’.
- The euro made some gains on the US dollar with EUR/USD opening at 1.1683 and rallying 0.37% to close at 1.1727.
- Sterling performed strongly against the euro with GBP/EUR opening at 1.1203 and closing 1.1249.
- GBP/USD also posted gains opening at 1.3144 and closing at 1.3187.
- GBP/AUD, GBP/NZD and GBP/JPY are currently trading at 1.7736, 1.9299 and 145.90, respectively.
- Spanish unemployment rate came in better than expected at 15.3% vs 15.8%.
- At 12:45 the ECB will announce their interest rate which is expected to stay at 0.00%.
- This is followed by the ECB press conference at 1:30.
- We also have unemployment claims and durable goods order from the US at 1:30.
- Later this afternoon we will see GDP data from the US.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|12:45||EUR||Main Refinancing Rate||0.00%||0.00%|
|13:30||EUR||ECB Press Conference|
|13:30||USD||Core Durable Goods Orders m/m||0.5%||0.0%|
|13:30||USD||Durable Goods Orders m/m||3.0%||-0.4%|