Newsletter – 26th July 2018

Morning Bulletin


  • 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
GBP/EUR 1.1247 -0.02
GBP/USD 1.3181 -0.05
EUR/USD 1.1713 -0.13
AUD/USD 0.7426 -0.37


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%
13:30 USD Unemployment Claims 215K 207K