- Sterling gained ground on both the euro and US dollar yesterday despite UK construction PMI coming in weaker than expected.
- The construction PMI figure came in at 47.0 vs 50.9 expected and sterling did trade slightly lower against the euro on the data release trading a low of 1.1414. The market did recover however to close at 1.1466.
- Eurozone CPI flash estimate y/y came in as expected at 1.4% but core CPI flash estimate y/y came in slightly weaker than expected at 1.0% vs 1.1%.
- ADP non-farm employment change produced a better figure than expected of 241K vs 208K and that was followed by ISM non-manufacturing PMI which came in as expected at 58.8.
- US President Donald Trump said the US are not in a trade war with China however Commerce Secretary Ross said the US would not lose if it gets into a trade war.
- Sterling opened at 1.4054 and closed at 1.4076 against the US dollar.
- Australian trade balance came in at 0.83B vs 0.68B expected.
- GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8260, 1.9268 and 150.35, respectively.
- UK services PMI came in at 51.7 vs 53.9 expected.
- We expect Canadian trade balance data at 12.30pm alongside US unemployment claims.
- At 5pm FOMC member Bostic is due to speak about financial literacy at the University of South Florida.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|17:00||USD||FOMC Member Bostic Speaks|