29th September 2017 Market Update
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🇬🇧 GBP – After another volatile week, we have seen the pound lose its previous highs against the greenback but we have seen the opposite trends against the euro. On Wednesday, the GBP/EUR rate hit a two month high, with the potential to finish the week at these levels, depending on the tone of Mark Carney’s Speech today at 3:00pm.
At 9:30am we have final GDP for quarter on quarter, expected to stay the same at 0.3%, which shouldn’t affect Sterling too much.
🇪🇺 EUR – With little red flag data out for the euro all week it has lost its ground against Sterling and the dollar.
Today we have the flash CPI figures to be released. The year on year figures are due to increase which may see the euro gain some strength but apart from this we should see the rate trade fairly flat until the central banker’s speeches this afternoon.
🇺🇸 USD – The greenback finishes the week relatively quietly, however yesterday we had the final GDP figures for quarter on quarter, released higher than expected. The dollar strengthened as a result but this was short lived, possibly due to the unemployment claims released higher than forecast.
Today we have core PCE to be released from the US, with expectations for an increase to be seen, this would indicate inflationary pressures in the US and help the Fed’s case for another rate rise.
09:30am – Final GDP q/q
15:00pm – BOE Gov Carney Speaks, MPC Member Broadbent speaks
13:30pm – Personal Consumer expenditure
13:30pm – GDP m/m
Our View: Inflation data for the Eurozone and US will be in focus today ahead of Mark Carney’s speech later this afternoon. We could see some support for the USD and EUR if the figures impress, otherwise the BoE Governor’s tone will dictate how the pound fares this afternoon.
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