31st January 2018 Market Update
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🇬🇧 GBP – Mark Carney addressed the House of Lord’s Economic Affairs committee where he spoke on a number of subjects including economic conditions and the state Brexit negotiations.
Sterling rebounded against both the single currency and US dollar following three consecutive days of losses.
We have no major data out from the UK today.
🇪🇺 EUR – The single currency traded higher against the US dollar on Tuesday as Eurozone growth hit a 10-year high according to official figures. The economy of the 19-nation bloc grew by 2.5%, the strongest growth since the 3% growth rate hit in 2007.
From the Eurozone today, we have data in the form of the inflation numbers at 10am.
🇺🇸 USD – From across the Atlantic we had very little in the way of data with many now turning their attention to the jobs report on Friday and unemployment rate. From the United States today we have data in the form of the ADP report and FOMC interest decision at 7pm.
Many will be watching closely to see what the FOMC have to say on rates going forward into 2018, with outgoing Fed chair Janet Yellen giving her last speech before incoming Jerome Powell takes over.
10:00am: Eurozone CPI YoY – expected 1.3%, previous 1.4%
10:00am: Eurozone Unemployment rate – expected 8.7%, previous 8.7%
19:00pm: FOMC Interest rate decision – expected 1.5%, previous 1.5%
Summary: Mark Carney gave a speech at the House of Lord’s Economic affairs committee last night, speaking on a number of subjects including the state of Brexit negotiations. Figures from the EU have revealed that Eurozone growth hit a 10 year high in 2017, sending the euro higher against both the US dollar and British pound.
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