- The Euro was one of the weaker performers in FX space on Friday, falling by 0.45% and 0.62% against the Pound and US Dollar respectively.
- Citing the falling Euro on Friday, US President Trump took aim at the Federal Reserve yet again. This time Trump said that the US doesn’t have a tariff problem, they have a central bank problem. He pointed to the falling Euro as giving Europe a big export and manufacturing advantage whilst criticizing the Fed for not acting as the Dollar soars.
- Eurozone CPI continued to languish at 1.0% on an annual basis in August. That means inflation remains at half of the ECB’s 2% target rate.
- The Unemployment Rate in the Eurozone held steady at 7.5% in July as expected.
- The Canadian economy grew by +0.2% in June, that was better than the +0.1% forecast.
- US Personal Spending m/m 0.6% (0.5% Exp)
- US Chicago PMI 50.4 (48.1 Exp)
Over The Weekend
- UK PM Boris Johnson has warned potential Rebel Tory MP’s that they could be deselected from the party if they back plans to stop a no-deal Brexit. If his threat were to be followed through the PM would of course be sacrificing what was already a minute majority in the commons.
- Speaking over the weekend Cabinet Minister Michael Gove also warned that the Government could well ignore any new law passed aimed at blocking Brexit, adding that he would wait to see what any legislation says.
- China Caixin Manufacturing PMI 50.4 (49.8 Exp)
- Australia Company Operating Profits q/q 4.5% (2.1% Exp)
- Swiss Retail Sales y/y 1.4% (0.9% Exp)
- Please note that it is a Bank Holiday in the US and Canada today.
- UK Manufacturing PMI is the only significant figure set for release at 9.30am.
- Worth also noting that MP’s return to UK Parliament this week following their summer recess. It could be a big week with a cross party of opposition MP’s set to bring forward legislation to block a no-deal Brexit.
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