- Economic data was thin on the ground yesterday as the US, Canada and Japan observed bank holidays.
- The Euro was one of the worst performers in FX space yesterday, falling heavily as tensions between the Italian Government and the European Union continue to mount. Speaking yesterday Italian Deputy PM Salvini said the EU’s Juncker and Moscovivi were enemies of the people of Europe.
- The Pound probably capitalised the least on the Euro weakness, but GBP/EUR did trade back up towards the 1.1400 handle.
- The US Dollar drove the Euro back down below the 1.1500 handle trading down to a day’s and one and a half month’s low of 1.1460.
- German Industrial Production m/m -0.3% (0.4% Exp)
- Eurozone Sentix Investor Confidence 11.4 as expected
- According to the Business Insider, UK PM Theresa May is edging ever closer to securing a Brexit deal, with figures in Brussels suggesting there is fresh momentum.
- GBP/EUR has traded with a 1.1400 handle this morning for the first time since late June.
- Reports this morning suggest at least 40 MP’s within her own party would vote down PM Theresa May’s Brexit deal if its means the UK is ‘half in and half out’ of the European Union.
- The IMF has lowered its Global Growth forecast to 3.7% for 2018 and 2019, that is down from 3.9% previously.
- Japan Current Account 1.43Tn (1.52Tn Exp)
- German Trade Balance 18.3Bn (15.9Bn Exp)
- Very quiet on the economic data front today.
|Currency Pair||Interbank Rate||% Change on Day|
|Time (GMT)||Region||Data Release||Forecast||Previous|
|11.00||USD||NFIB Small Business Index||108.9||108.8|
|15.35||GBP||BOE Member Broadbent Speaks|