Newsletter – 30th May 2018

Morning Bulletin


  • There was very little to digest in the way of data yesterday and that was reflected in fairly muted trading in FX markets.
  • Having been smashed during Monday’s trading and once again in the early hours of Tuesday morning the Euro did manage to stabilise over the course of the day but did still incur further losses.
  • The Pound managed to edge to a day’s high of 1.1492 against the Euro, whilst EUR/USD traded down to a fresh 11-month low of 1.1510.
  • Eurozone M3 Money Supply y/y 3.9% as expected
  • US CB Consumer Confidence 128.0 (128.2 Exp)
  • Speaking yesterday afternoon ECB member Lautenschlaeger said that the ECB remain confident in the strength of the economy but that the recovery in inflation is still not as convincing. She further added that their June meeting could be the time when they finally decide to gradually bring an end to their asset purchase program.
  • According to Italian league leader Salvini his government plan does not include an immediate Euro exit.

  • According to sources Italy could go back to the polls a soon as the 29th July.
  • A campaign to secure a second Brexit referendum, backed by US billionaire investor George Soros, is to be launched in a matter of days.
  • UK BRC Shop Price Index y/y -1.1% (-1.0% Previous)
  • Japan Retail Sales y/y 1.6% (0.9% Exp)
  • Australia Building Approvals m/m -5.0% (-2.9% Exp)
  • German Retail Sales m/m 2.3% (0.5% Exp)
  • Spanish Flash CPI y/y 2.0% (1.7% Exp)
  • No more data set for release this morning.
  • Raft of US and Canadian data this afternoon. US GDP headlines at 1.30pm, whilst markets will also be closely watching the Bank of Canada’s rate decision and statement at 3pm.


Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1446 -0.30
GBP/USD 1.3276 +0.21
EUR/USD 1.1600 +0.53
AUD/USD 0.7524 +0.26


Time (GMT) Region Data Release Forecast Previous
13.15 USD ADP Non-Farm Employment Change 191K 204K
13.30 CAD Current Account -18.1Bn -16.3Bn
13.30 CAD RMPI m/m 2.1% 2.1%
13.30 USD Prelim GDP q/q 2.3% 2.3%
13.30 USD Goods Trade Balance -71.2Bn -68.3Bn
13.30 USD Prelim Wholesale Inventories m/m 0.4% 0.3%
15.00 CAD BOC Rate Statement
15.00 CAD BOC Overnight Rate 1.25% 1.25%