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Yesterday

  • Sterling continued a mini-revival yesterday, for the short term at least, as investors and traders bought up the pound following the most recent Brexit related headlines.
  • Following Parliament’s vote in favour of blocking a no-deal Brexit and the subsequently successful vote which would see Boris Johnson going back to Brussels to request another extension, Sterling rates enjoyed a solid day’s trading.
  • GBP/EUR closed the day up +0.55% at 1.1162.
  • GBP/USD closed the day up +0.60% at 1.2324.
  • Speaking yesterday, in typical Boris fashion, the PM said he would ‘rather be dead in a ditch’ that ask the EU for an extension to the current Brexit deadline.
  • The PM also suffered a blow far closer to home yesterday, as his younger brother Jo Johnson stood down as a Government Minister and said he would resign as an MP, adding that he was ‘torn between family loyalty and the national interest’. Of course it is well known that the two brother share very different views on the UK’s relationship with the EU.
  • The vast majority of economic data released yesterday hailed from the United States.
  • The ADP Non-Farm figure, released the day before the overarching Non-Farm payrolls, revealed that the US economy added 195,000 more people to the private sector in August. That was comfortably above the 148,000 expected.
  • The US ISM Non-Manufacturing PMI print also surpassed expectations in August with a reading of 56.4 being far above the 54.0 expected.
  • US Unemployment Claims 217K (215K Exp).
Overnight

  • The US Federal Reserve have noted that the current administrations lack of certainty over trade policy could see US GDP reduce by more than 1% through early 2020.
  • Despite still insisting he believes Boris Johnson can secure a better deal, MP Michael Gove who is in charge of no-deal Brexit planning, said last night that should Theresa May’s Brexit deal come through the commons once again he would vote in favour of it, as he did on the previous occasions, as he believes it is a compromise.
  • Japan Average Cash Earnings y/y -0.3% (0.1% Exp)
  • Japan Household Spending y/y 0.8% (0.9% Exp)
  • German Industrial Production m/m -0.6% (0.4% Exp)
Today
  • Not a great deal of data to digest this morning.
  • US Non-Farm payrolls will be the key print this afternoon and will be released at 1.30pm, alongside a number of other high impact US and Canadian economic data.

MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1140 -0.25
GBP/USD 1.2305 -0.15
EUR/USD 1.1045 +0.10
AUD/USD 0.6829 +0.23
ECONOMIC CALENDAR
Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
10.00 EUR Final Employment Change q/q 0.2% 0.2%
10.00 EUR Revised GDP q/q 0.2% 0.2%
13.30 CAD Employment Change 18.9K -24.2K
13.30 CAD Unemployment Rate 5.7% 5.7%
13.30 USD Average Hourly Earnings m/m 0.3% 0.3%
13.30 USD Non-Farm Employment Change 163K 164K
13.30 USD Unemployment Rate 3.7% 3.7%
17.30 USD Fed Chair Powell Speaks

 

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

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