Newsletter – 9th July 2018

Morning Bulletin


  • There was very little data to digest out of the UK or Europe Friday morning with all of the key releases out of North America in the afternoon.
  • Canadian employment data proved mixed with more people in employment than expected during June, with 31,800 more employed versus an expected increase of 22,300. However the overall Unemployment rate still jumped up to 6.0%, from 5.8%.
  • Similarly the US jobs data also proved mixed:
    • The headline Non-Farm figure showed the US economy added some 213,000 people to the workforce during June, that was up on the expected 195,000.
    • However just like Canada, the US overall unemployment rate surprisingly rose to 4.0%, up from 3.8%. The rate was expected to remain at 3.8%.
    • US Average Hourly Earnings also dissapointed, with a m/m rise of just 0.2% against an expected rise of 0.3%.
  • The US Dollar was weakened in FX space following the release of the above data.

  • UK Brexit Secretary David Davis has resigned from the Government, stating he was no longer the best person to deliver the PM’s Brexit plan which was agreed by the Cabinet on Friday. In his resignation letter Davis said that ‘the current trend of policy and tactics’ was making it ‘look less and less likely’ that the UK would leave the customs union and single market.
  • Japan Current Account 1.85Tn (1.18Tn Exp)
  • Swiss Unemployment Rate 2.6% (2.5% Exp)
  • German Trade Balance 20.3Bn as expected
  • Typically quiet Monday in prospect with very little data set for release.
  • ECB President Mario Draghi is due to testify before the European Parliament this afternoon, as always his comments will be closely scrutinised.


Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1340 +0.27
GBP/USD 1.3352 +0.51
EUR/USD 1.1774 +0.28
AUD/USD 0.7472 +0.60


Time (GMT) Region Data Release Forecast Previous
09.30 EUR Sentix Investor Confidence 9.0 9.3
14.00 EUR ECB President Draghi Speaks
16.00 EUR ECB President Draghi Speaks
20.00 USD Consumer Credit m/m 12.2Bn 9.3Bn