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Yesterday

  • The UK’s construction sector contracted in May according to the latest PMI reading of 48.6. That was some distance short of the 50.6 expected, with any reading below 50.0 representing contraction. The survey suggested the main reason for the fall was conservative spending decisions as response to Brexit related uncertainties and more general concerns regarding the economic outlook.
  • There was some slight respite for the Pound in FX space yesterday despite that weak construction print. Sterling made modest gains across the board against its major currency counterparts.
  • Eurozone Inflation slowed far more than expected in May and continues to pose real problems for the European Central Bank. The CPI reading dropped to 1.2% on an annual basis, that was short of the 1.4% expected and down from a reading of 1.7% in April.
  • On a more positive note the Eurozone’s overall Unemployment rate fell to 7.6% in April, down from 7.7% in March. Unemployment across the whole of the EU stood at 6.4%.
  • Speaking yesterday morning, Reserve Bank of Australia Governor Philip Lowe said it was not unreasonable that the RBA could cut interest rates again this year whilst also taking a swipe at the banks for not properly passing on this month’s cut to rates in full to consumers.
  • US Factory Orders m/m -0.8% (-1.0% Exp)
  • New Zealand Global Dairy Trade Index -3.4% (-1.2% Previous)
  • Speaking yesterday afternoon US Fed Member Powell said the central bank is prepared to take action in order to sustain economic expansion should President Trump’s trade disputes with China and Mexico threaten the US economy.

Overnight

  • Australian GDP growth for the first quarter of 2019 was in-line with expectations at 0.4%.
  • The UK Conservative party have agreed to tweak their existing rules on leadership elections in order to reduce the number of candidates. With the Party aiming to elect a replacement for Theresa May by the end of July there are concerns about just how long the list of candidates is becoming.
  • Speaking overnight Chinese President Xi Jinping said the Chinese economy is stable, healthy and well placed to handle all risks and challenges. The Chinese press also dismissed any claims that the country is softening its stance in trade talks.
  • Perhaps unsurprisingly, an industry report has highlighted that the number of foreign direct investment projects dropped in the UK and the rest of Europe last year due to the uncertainty being created by Brexit.
Today
  • UK Services PMI and Eurozone Retail Sales will be in focus this morning.
  • This afternoon US ISM Non-Manufacturing PMI will be the key print due at 3pm, but we also get an early indication of Non-Farm employment Change at 1.15pm.

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1282 +0.01
GBP/USD 1.2709 +0.16
EUR/USD 1.1266 +0.13
AUD/USD 0.6998 +0.11

 

ECONOMIC CALENDAR
Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
09.30 GBP UK Services PMI 50.6 50.4
10.00 EUR PPI m/m 0.4% -0.1%
10.00 EUR Retail Sales m/m -0.5% 0.0%
13.15 USD ADP Non-Farm Employment Change 185K 275K
14.45 USD Fed Member Clarida Spreaks
14.45 USD Final Services PMI 50.9 50.9
15.00 USD ISM Non-Manufacturing PMI 55.6 55.5

 

https://www.godi.io/market-updates/newsletter-5th-june-2019/

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