- Sterling continued the momentum it had built up against the euro on Friday and Monday to gain ground the euro yesterday closing at 1.1362 after opening 1.1339.
- ECB President Draghi spoke at the ECB Forum on Banking Supervision in Frankfurt yesterday. He spoke very little on monetary policy and instead noted that the overall shape of the sector has showed improvement but European banks still have to get a grip on non-performing loans.
- GBP/USD came off during Tuesday morning trading a low of 1.3108 following an open at 1.3169 but recovered during the afternoon session. The market closed at 1.3165.
- President Trump was in South Korea yesterday where he spoke to the South Korean parliament. He described being geographically close to North Korea as a “hell that no one deserves” and warned the Pyongyang that the US and South Korea should not be underestimated.
- Trump offered a ‘path to a better future’ but also urged China to fully implement UN sanctions and sever trade and technological ties with the North.
- EUR/USD fell by a fifth of a percent yesterday, at one point trading at its lowest since July.
- The Chinese trade balance figure came in at 254B overnight – a miss on estimates with the expected figure being 275B.
- GBP/AUD, GBP/NZD and GBP/JPY are trading 1.7133, 1.9007 and 149.50, respectively.
- President Trump has arrived in China and will be speaking to Chinese leaders today.
- We have Canadian building permits m/m at 1.30pm before crude oil inventories from the US at 3.30pm.
- This evening we have the interest rate announcement from New Zealand which is expected to remain at 1.75%. This will be accompanied with the rate statement and and RBNZ press conference at 9pm.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|13:30||CAD||Building Permits m/m||0.7%||-5.5%|
|15:30||USD||Crude Oil Inventories||-2.5M||-2.4M|
|20:00||NZD||RBNZ Rate Statement|
|20:00||NZD||Official Cash Rate||1.75%||1.75%|
|20:00||NZD||RBNZ Monetary Policy Statement|
|21:00||NZD||RBNZ Press Conference|