Newsletter – 8th March 2019

Newsletter

Yesterday

  • GBP/EUR rose by 0.34% on Thursday – the market opened at 1.1645, traded a high of 1.1710, a low of 1.1596 and closed at 1.1688.
  • GBP/USD opened at 1.3170, traded a high of 1.3184. a low of 1.3068 and closed at 1.3081 representing a fall of 0.67%.
  • Theresa May warned the EU that they should agree to the proposed changes to the backstop or risk a disorderly Brexit. May is seeking legally binding assurances that Britain will not be trapped permanently in the backstop in order to win support from Parliament.
  • PM May’s spokesperson said that if May’s deal is voted, a vote on no-deal and a delay will take place and there is no plan for a 3rd vote if the deal is rejected on Tuesday.
  • Chancellor Philip Hammond claimed his European counterparts agree that the withdrawal agreement should not include a backstop threatening the independence of the country. (The Express).
  • According to the Independent, source close to Labour leadership say the party will not support a new Brexit referendum in all circumstances.
  • The ECB kept rates at 0.00% yesterday as expected. 
Overnight
  • Chinese trade balance came in weaker than expected at 34B vs 257B expected.
  • GBP/AUD, GBP/NZD and GBP/JPY are trading 1.8644, 1.9303 and 145.50, respectively.
Today
  • PM May will today again try to convince the EU to agree to legal assurances on the Irish backstop.
  • At 1.30pm we will see non-farm payrolls from the US and employment data from Canada.
Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1672 -0.14
GBP/USD 1.3087 +0.04
EUR/USD 1.1212 +0.16
AUD/USD 0.7024 +0.16
Time (GMT) Region Data Release Forecast Previous
13:30 CAD Employment Change 0.6K 66.8K
13:30 CAD Unemployment Rate 5.8% 5.8%
13:30 USD Average Hourly Earnings m/m 0.3% 0.1%
13:30 USD Non-farm Employment Change 180K 304K
13:30 USD Unemployment Rate 3.9% 4.0%
13:30 USD Building Permits 1.29M 1.33M