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Friday

  • Jobs data out of North America was in focus Friday afternoon with the US Non-Farm payrolls figure as always the most closely scrutinized.
  • The Payrolls figure was well below expectations however, with 130,000 jobs being created in the US economy during August; that was 33,000 fewer than expected. This disappointing print will undoubtedly be pointed to as another reason for the Federal Reserve to cut rates going forward.
  • The overall US Unemployment Rate held steady at 3.7% and there was a slight beat on Average Hourly Earnings, with wages up +0.4% versus the +0.3% expected.
  • The Canadian Dollar soared Friday afternoon following jobs data released at the same time as the US. The Canadian economy added some 81,100 jobs in August, smashing the modest 18,900 expected whilst the overall unemployment rate remaining at 5.7%.
  • UK opposition parties confirmed on Friday that they would block Boris Johnson’s second bid to call a snap general election in Mid-October. The main issue for the opposition would be the PM’s ability to delay any potential election past the current Brexit deadline of the 31st October.
Over The Weekend

  • UK Conservative Minister Amber Rudd resigned from Boris Johnson’s Cabinet over the weekend, attacking the Government for their approach to Brexit and adding that there were no formal talks taking please with the EU, simply conversations.
  • Speaking over the weekend US Fed Chair Jerome Powell said that political factors ‘play absolutely no role’ in his or the central banks decision making. On the matters at hand Powell said the Fed would act as appropriate to sustain the current economic expansion and that they are monitoring ‘significant risks’ however the outlook is favourable with moderate growth, a strong labour market, and inflation heading back towards their 2% target.
  • China Trade Balance 240Bn (300Bn Exp)
  • New Zealand Manufacturing Sales q/q -0.7% (+0.8% Exp)
  • Japan Current Account 1.65Tn (1.70Tn Exp)
  • German Trade Balance 20.2Bn (18.8Bn Exp)
Today
  • Raft of UK data this morning with GDP the headline print.
  • Very quiet afternoon with no data set for release.
MAJOR CURRENCY PAIRS
Current at time of distribution

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1130 +0.49
GBP/USD 1.2285 -0.02
EUR/USD 1.1035 +0.10
AUD/USD 0.6858 +0.20
ECONOMIC CALENDAR
Current at time of distribution
Time (GMT) Region Data Release Forecast Previous
09.30 GBP GDP m/m 0.1% 0.0%
09.30 GBP Manufacturing Production m/m -0.3% -0.2%
09.30 GBP Goods Trade Balance -9.6Bn -7.0Bn
TBC GBP NIESR GDP Estimate -0.1%
20.00 USD Consumer Credit m/m 16.2Bn 14.6Bn
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