Newsletter – 28th March 2018

Morning Bulletin


  • We had another quiet day in terms of economic data yesterday with only three releases of note.
  • Spanish Flash CPI y/y came in soft at 1.2% vs 1.5% expected. M3 money supply from the Eurozone also missed expectations coming at 4.2% vs 4.6%. From the US, CB consumer confidence produced a figure of 127.7 which fell short of the expected 131.2.
  • GBP/EUR printed its third consecutive day of losses after falling from 1.1426 to trade a low of 1.1367 before recovering somewhat to close at 1.1416.
  • GBP/USD followed a similar pattern opening  at 1.4226, trading a low of 1.4066 before recovering and closing at 1.4156.
  • Elsewhere, Kim Jong Un’s visit to China was confirmed and he is said to be willing to hold summit with the US
  • The UK Government has told Irish officials to expect new plans “imminently” from Britain on how it plans to avoid a post-Brexit hard border. (The Times).
  • The Bank of America have been the latest institution to declare they are ‘tactically long’ sterling during April stating the Pound tends to outperform its peers in the month historically.
  • ANZ Business Confidence from New Zealand came in at -20 overnight, slightly worse than -19 last time out.
  • GBP/NZD, GBP/AUD and GBP/JPY are currently trading 1.9541, 1.8498 and 149.44, respectively.
  • This morning we saw Credit Suisse economic expectations came in from Switzerland at 16.7.
  • At 12.30pm we expect a final GDP q/q figure from the US, followed by crude oil inventories at 2.30pm and a speech from FOMC Member Bostic at 4pm.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1429 +0.11
GBP/USD 1.4175 +0.13
EUR/USD 1.2401 +0.00
AUD/USD 0.7661 -0.21


Time (GMT) Region Data Release Forecast Previous
12:30 USD Final GDP q/q 2.7% 2.5%
14:30 GBP Crude Oil Inventories 0.5M -2.6M
16:00 USD FOMC Member Bostic Speaks