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Yesterday

  • Sterling fell to its lowest level against the euro since September 2017 and lowest level against the US dollar since March 2017.
    • The consensus is that markets are becoming increasingly worried about a no-deal Brexit. It has been widely reported that government planning for a no-deal Brexit has gathered pace under the leadership of PM Johnson.
    • GBP/EUR opened at 1.1135 closed at its low of the day at 1.0958 representing a 1.34% fall in the market on Monday.
    • GBP/USD fell by 1.32% after opening at 1.2374 and closing at 1.2216.
  • The prime minister’s chief Brexit negotiator has urged his EU counterparts not to “underestimate” Boris Johnson. He added “you should be in no doubt about this government’s commitment to the 31st October date”. (BBC News)
  • President Donald Trump tweets “small rate cut is not enough”.
  • Alastair Campbell says he no longer wants to be a Labour member, claiming the party is facing an “existential crisis” due to poor leadership.
Overnight
  • GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.7640, 1.8362 and 132.04, respectively.
  • Australian building approvals came in at -1.2% vs 0.2% expected.
Today
  • Sterling has continued to weaken this morning with GBP/EUR and GBP/USD down 0.39% and 0.41%, respectively.
  • PM Boris Johnson said that farming will thrive under his leadership ahead of his visit to Wales today.
  • At 1.30pm we expect core PCE price index m/m from the US along with personal spending m/m.
  • At 3pm we expect CB consumer confidence from the US.

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.0918 -0.37
GBP/USD 1.2172 -0.37
EUR/USD 1.1147 +0.03
AUD/USD 0.6891 -0.14

 

ECONOMIC CALENDAR
Current at time of distribution

 

Time (GMT) Region Data Release Forecast Previous
13:30 USD Core PCE Price Index m/m 0.2% 0.2%
13:30 USD Personal Spending m/m 0.3% 0.4%
15:00 USD CB Consumer Confidence 125.1 121.5

 

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