Newsletter – 5th March 2019

Morning Bulletin

Yesterday

  • GBP/EUR opened at 1.1620, traded a high of 1.1683 and closed at 1.1621.
  • GBP/USD opened at 1.3243, traded a low of 1.3166 and closed at 1.3175 representing a 0.22% fall on the day.
  • UK government spokesperson Slack said that Attorney General Geoffrey Cox continues to seek legally binding changes to the Irish backstop and added that they making progress with the EU but said more work needs to be done.
  • CNBC are reporting that US and China are in the final stages of the trade deal talks that could end this month.
  • The Express reported that EU chiefs will set a strict deadline this week to prevent Theresa May from ‘running down the clock’.
  • The Telegraph are reporting that Geoffrey Cox has switched his intention to try to secure a ‘enhanced arbitration mechanism’ after failing to appease eurosceptic MPs.
Overnight
  • Australian current account data came in at -7.2B vs -9.3B.
  • Australian cash rate was held at 1.50% as expected. 
  • GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8606, 1.9383 and 147.55, respectively.
Today
  • Ministers will today resume efforts to secure a legally-binding changes to Theresa May’s Brexit deal that might get MPs backing in the meaningful vote on the 12th March.
  • UK services PMI came in 51.3 at this morning vs 50.0 expected.
  • At 3pm we will see the release of ISM non-manufacturing PMI.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1634 +0.11
GBP/USD 1.3181 +0.05
EUR/USD 1.1330 -0.08
AUD/USD 0.7083 -0.11

 

Time (GMT) Region Data Release Forecast Previous
12:30 USD FOMC Member Rosengren Speaks
15:00 USD ISM Non-manufacturing PMI 57.4 56.7
15:35 GBP BOE Gov. Carney Speaks