Newsletter – 26th November 2018

Morning Bulletin


  • GBP/EUR opened at 1.1289 on Friday, traded a high of 1.1314, a low of 1.1267 and closed at 1.1301.
  • GBP/USD fell by -0.53% after opening at 1.2875, trading a high of 1.2882, a low of 1.2798 and closing at 1.2807.
  • Eurozone flash manufacturing PMI came n weakers than expected at 51.5 vs 52.0 and flash services PMI coming in at 53.1 vs 53.6.
  • Canadian CPI m/m came in at 0.3% vs 0.1% expected and core retail sales m/m at 0.1% vs 0.3%.
  • PM Theresa May went on BBC 5Live on Friday to take questions from the UK public on her Brexit deal.
    • She would not comment on her future as PM despite several questions on that topic.
    • The PM said the UK should not hope for a ‘better deal’ from the EU if MPs reject her Brexit agreement.
Over The Weekend
  • EU leaders approved PM May’s withdrawal deal on Sunday insisting it is the ‘best and only deal possible’. The 27 leaders gave the deal their blessing after less than one hour of discussion. They said that the deal paves the way for an ‘orderly withdrawal’.
  • Theresa May said the deal ‘delivered for British people’ and set the UK ‘on course for a prosperous future’. In a speech in Brussels, the PM urged both ‘Leave’ and ‘Remain’ votes to unite and back the deal.
  • New Zealand retail sales q/q came in at 0.0% vs 1.0% expected and core retail sales q/q came in at 0.4% vs 1.5% expected.
  • GBP/AUD, GBP/NZD and GBP/JPY markets are currently trading 1.7645, 4.8372 and 145.32.
  • German Ifo business climate came at 102.0 vs 102.3.
  • ECB President Draghi is due to speak in Brussels at 2pm.
  • Bank of England Governor Mark Carney is due to speak in London at 6.30pm.
  • Later this evening we expect trade balance data from New Zealand and core retails sales at 9.45pm