- Very little to report on what was a slow news day to say the least.
- One of yesterday’s biggest movers was the South African Rand, with the currency making solid gains across the board as it emerged a secret ballot would be allowed in the vote of no confidence against President Jacob Zuma.
- The Rand rallied as it is generally believed a secret ballot would increase the likelihood of Zuma being ousted as President.
- GBP/ZAR declined by around 1.29% to 17.2799.
- USD/ZAR declined by around 1.07% to 13.2680.
- According to UK PM Theresa May’s spokesperson the UK Goverment does not recognise the £36 billion figure that has been reported as the Brexit Bill by UK press.
- Eurozone Sentix Investor Confidence 27.7 (27.8 Exp) – Weakest in 3 months.
- According to US Fed Member Bullard the Central Bank doesn’t need to hike rates any further for the time being as inflation is unlikely to rise a great deal, even if the US jobs market continues to improve.
- Speaking yesterday evening US Fed Member Kashkari said that whilst the US economy was doing pretty well, wages have not grown very quickly and inflation is still coming short of their target.
- UK BRC Retail Sales y/y 0.9% (1.2% previously)
- Australian NAB Business Confidence 12 (9 previously)
- China Trade Balance 321Bn (292Bn Exp)
- German Trade Balance 21.2Bn (22.3Bn Exp)
- French Trade Balance -4.7Bn (-5.1Bn Exp)
- Uncharacteristically quiet on the data front for a Tuesday.
- US JOLTS Job Openings at 3pm the only data of note (5.66M Expected).
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|11.00||USD||NFIB Small Business Index||103.6||103.6|
|15.00||USD||JOLTS Job Openings||5.66M||5.67M|
|15.00||USD||IBD/TIPP Economic Optimism||50.6||50.2|