Newsletter – 6 March 2017

Morning Bulletin

Yesterday

  • Sterling lost ground on the euro late on Friday as news broke that Marine Le Pen is falling away in the French Presidential race causing
  • The single currency ralled off the back of this and GBP/EUR closed down by 0.77% after opening at 1.1664 and closing at 1.1574.
  • US Federal reserve Chief Janet Yellen affirmed the US rate hike expected in March on Friday. She stated that if inflation and employment continues to meet expectation then a hike on March ‘would likely be appropriate’.
  • GBP/USD opened Friday 1.2265, dropped down to a low of 1.2214 before a late rally to close at 1.2293.
  • Greman retail sales m/m and UK services PMI both came in weaker than expected on Friday morning at -0.8% vs 0.2% and 53.3 vs 54.2, respectively.
  • The only other key data of note during the day was US ISM non-manufacturing PMI which came in firm at 57.6 vs 56.5 expected.
Overnight
  • Australian retail sales m/m came in as expected overnight with a figure of 0.4%.
  • AUD/USD is currently trading at its lowest since January around the 0.7600 level whereas GBP/AUD is trading just below 1.62.
Today
  • Fairly quiet on the data front this morning with only US factory orders m/m  to look forward to at 3pm.
  • FOMC member Kashkari in due to speak at the National Association of Business Economics in Washington DC at 8pm this evening.

 

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1540 -0.29
GBP/USD 1.2274 -0.16
EUR/USD 1.0635 +0.13
AUD/USD 0.7603 +0.12

 

ECONOMIC CALENDAR
Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
11.30 UK MPC Member Hogg Speaks
15.00 USA Factory Orders m/m 1.1% 1.3%
20:00 USA FOMC Member Kashkari Speaks