Newsletter – 2nd August 2017

Morning Bulletin


  • Sterling gained a small amount of ground on the euro yesterday but stayed within the range (1.1140 – 1.1200) that was established a little over a week ago.
  • The euro was dampened by weaker-than-expected data from Spain with manufacturing PMI coming in at 54.0 vs 54.9 expected.
  • The opposite could be said of sterling with the pound being provided with a small nudge upwards by better than expected manufacturing PMI data from the UK coming in at 55.1 vs 54.4.
  • GBP/EUR opened at 1.1154 and closed a third of a percent higher at 1.1187.
  • There was some relief for the US dollar yesterday as it gained valued on the euro and sterling.
  • Despite GBP/USD and EUR/USD both being in upward trends, we saw both markets post very modest losses with EUR/USD closing 40 pips lower at 1.1802 after opening at 1.1841.
  • US Secretary of State Tillerson said yesterday that the US does not blame China for the ongoing situation in North Korea and also stated that it is the intention of the US to have dialogue with North Korea in the future.
  • Overnight we saw building approvals m/m data from Australia beat expectations quite comprehensively coming in at 10.9% vs 1.2% expected,
  • GBP/AUD is currently trading at 1.6627. GBP/NZD is at 1.7821 and GBP/JPY is trading 146.68.
  • The pound is up a quarter of a percent against the dollar this morning but has lost just under a tenth of a percent against the euro.
  • Only three pieces of what can be considered to be ‘high impact’ data expected today. At 9.30am we will see the release of the construction PMI data from the UK. This is followed by ADP non-farm employment change from the USA at 1.15pm and that is subsequently followed by US crude oil inventories at 3.30pm.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1184 -0.07
GBP/USD 1.3234 +0.23
EUR/USD 1.1832 +0.26
AUD/USD 0.7955 -0.17


Time (GMT) Region Data Release Forecast Previous
09:30 GBP Construction PMI 54.3 54.8
13:15 USD ADP Non-farm Employment Change 187K 158K
15:30 USD Crude Oil Inventories -3.2M -7.2M