- Sterling lost ground on the euro and US dollar during yesterday’s trading as investor’s found UK construction PMI ‘underwhelmed’ the markets (PoundSterlingLive)
- The figure did, in fact, match expectations at 52.2 but this was the lowest figure since October and the thought is that many investors felt that the figure may beat the Economist’s estimates.
- Sterling has out-performed the US dollar in April for the previous 12 years without fail with an average monthly gain of over 2%. Many forecasts predict that the pound will not be following historical precedent this year, however, with bearish forecasts from Deutsche Bank and HSBC.
- Canadian trade balance missed expectations at -1.0B vs 0.7B expected and US trade balance beat expectations at -43.6B vs -46.0B.
- GBP/EUR closed yesterday’s session at 1.1653 representing a 0.38% fall and GBP/USD closed at 1.2440 representing a 0.36% decrease in value of sterling against the dollar.
- Very little data released overnight with only GDT Price Index from New Zealand coming in at 1.6%.
- GBP/AUD is currently trading at 1.6426 and GBP/NZD is at 1.7826.
- We have Services PMI from the UK at 9.30am before US ADP non-farm employment change at 1.15pm and ISM non-manufacturing PMI at 3pm.
Tonight, we have the FOMC meeting minutes released at 7pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|13.30||USA||ADP Non-farm Employment Change||184K||298K|
|15.00||USA||ISM Non-manufacturing PMI||57.0||57.6|
|19.00||USA||FOMC Meeting Minutes|