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Yesterday

  • Data was incredibly thin on the ground yesterday, in fact there were just two noteworthy economic releases.
  • Eurozone Investor confidence plunged further negative in July despite expectations of a small shift toward positive sentiment. The Sentix Investor Confidence survey showed a reading of -5.8, which was down from -3.3 in June as global trade disputes continue to weigh heavily on investors in Europe. A positive reading of 0.3 had been expected.
  • US Consumer Credit m/m 17.1Bn (15.2Bn Exp).
  • Unsurprisingly with a lack of economic data movement in FX markets was very limited.
  • Sterling mustered a +0.19% gain against the Euro, whilst the Pound declined around -0.05% against the US Dollar once again testing the 1.2500 handle and near 6-month lows.
Overnight

  • Unsurprisingly, given his typical reaction to insults, US President Donald Trump has said the US will no longer deal with the UK ambassador following the leaked memos in which Kim Darroch called the Trump administration ‘dysfunctional’ and ‘inept’.
  • According to reports a number of Conservative MP’s have proposed legislation that would prevent the next PM suspending Parliament in order to force through a no-deal Brexit should no alternative deal be struck by the 31st October.
  • Bloomberg’s latest survey of economists suggest that the UK economy could have shrank in the second quarter of 2019 for the first time since 2012.
  • UK BRC Retail Sales Monitor y/y -1.6% (-1.5% Exp)
  • Japan Average Cash Earnings y/y -0.2% (-0.6% Exp)
  • Australia NAB Business Confidence 2 (7 Previously)
  • Swiss Unemployment Rate 2.3% (2.4% Exp)
Today
  • Just a few relatively low-key data releases chalked up today.
  • US Fed Chair Powell will be speaking at 1.45pm.

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1136 -0.17
GBP/USD 1.2479 -0.24
EUR/USD 1.1205 -0.08
AUD/USD 0.6943 -0.40

 

ECONOMIC CALENDAR
Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
09.00 EUR Italian Retail Sales m/m 0.2% 0.0%
11.00 USD NFIB Small Business Index 103.2 105.0
13.15 CAD Housing Starts 209K 202K
13.30 CAD Building Permits m/m -10.0% 14.7%
13.45 USD Fed Chair Powell Speaks
15.00 USD JOLTS Job Openings 7.51M 7.45M
15.10 USD Fed Member Bullard Speaks
19.00 USD Fed Member Quarles Speaks

 

https://www.godi.io/market-updates/newsletter-8th-july-2019/

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