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Yesterday

  • Sterling posted another day of gains against the euro on Wednesday after opening at 1.1212, trading a high of 1.1268, a low of 1.1203 and closing at 1.1255 representing a 0.36% increase.
  • GBP/USD opened at 1.2556 and traded a high of 1.2674, a low of 1.2542 and closed at 1.2641 representing a 0.68% increase.
  • International Development Secretary Rory Stewart was eliminated from the Conservative leadership race yesterday as only secured 27 Tory MP votes in the third voting round. Favourite Boris Johnson secured 143 votes ahead of Jeremy Hunt, Michael Gove and Sajid Javid.
  • UK CPI y/y came in as expected at 2.0% but PPI input m/m missed expectations coming in at 0.0% vs 0.2%.
  • Philip Hammond will warn leaders that the 26.6bn set aside for Brexit could be devoured by a no-deal Brexit and that scenario could risk the break-up of the UK.
  • From Canada CPI m/m came in better than expected at 0.4% vs 0.1%.
  • The Federal Reserve kept rates at <2.50% as expected.
Overnight
  • New Zealand GDP q/q came in at 0.6% as expected.
  • GBP/AUD, GBP/NZD and GBP/JPY are trading 1.8378, 1.9307 and 137.01, expected.
Today
  • A fourth round of voting will narrow the Conservative leadership race to two candidates today.
  • UK retail sales data is due at 9.30am.
  • The Bank of England will announce the interest rate and MPC votes this afternoon – the rate is expected to remain at 0.75%.

 

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1261 +0.05
GBP/USD 1.2720 +0.62
EUR/USD 1.1293 +0.60
AUD/USD 0.6921 +0.60
ECONOMIC CALENDAR
Current at time of distribution

 

Time (GMT) Region Data Release Forecast Previous
09:30 GBP UK retail sales m/m -0.5B 0.0%
12:00 GBP MPC Votes 0-0-9 0-0-9
12:00 GBP Official Bank Rate 0.75% 0.75%
13:30 USD Philly Fed Manufacturing Index 10.6 16.6
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