- 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|
|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|