Morning Bulletin

Yesterday

• Incredibly sparse data calendar yesterday with no data of significance released.
• Sterling was one of the main beneficiaries of the quiet calendar with the pound continuing to be underpinned by recent news, including the agreement upon a Brexit transitional period and the increasing chances of a May rate hike from the Bank of England.
• The Pound rallied to a near 8-week high of 1.4244 against the US Dollar, and rallied to a fresh post-referendum high of 1.8446 against the Aussie Dollar.
• The Pound did enjoy a strong morning against the Euro, with the rate surging to a days high of 1.1471, however that was short lived and the pair closed the day down at 1.1420.
• The UK’s Brexit department suffered a set-back yesterday, as the lead civil servant tasked with finding a solution to the Irish Border issue quit. Simon Case left the role to take up the position of Prince William’s private secretary.
• According to IMF Chief Christina Lagarde the rise of populism and protectionism are creating headwinds that could hamper global growth. Lagarde also suggested the EU should create a ‘rainy-day’ fund to cushion its member states from future economic shocks.
• ECB Member Jens Weidmann said expectations of a rate rise in Mid-2019 were not unrealistic and that policy normalisation should start soon.
• US President Trump’s top trade advisor has said he believes the US ‘might get a really good deal on NAFTA’ following the well publicized and at times controversial renegotiations.

• Another relatively sparse data calendar today unfortunately.
• Key print will be at 3pm with US CB Consumer Confidence.