1st August 2018 Market Update
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🇬🇧 GBP – Sterling began August on the back foot again with Brexit issues continuing to play a key role in Sterling’s performance. The Bank of England should raise interest rates this week according to policy makers but also tells the public it will be ready to make a U-turn if Brexit talks sour or trade tensions with the United States escalate. From the UK today, we have data in the form of the PMI manufacturing numbers at 9:30am.
🇪🇺 EUR – The single currency continues to trade within a narrow range against the US dollar with relatively no major economic data from within the Eurozone. Most of the moves of late are mainly down to a much stronger greenback rather than a weaker euro. From the Eurozone today, we have data in the form of German and Eurozone PMI manufacturing.
🇺🇸 USD – From across the Atlantic the greenback, as mentioned in the euro notes, continues to gain strength with the ongoing trade disputes with China. Most attention will now shift to tonight’s FOMC meeting where policy makers will let their thoughts be known in relation to forward guidance and views on monetary policy. From the United States today we have data in the form of the FOMC meeting, PMI manufacturing and also ISM manufacturing.
09:30am: PMI Manufacturing 54
08:55am: German Manufacturing 57.3
09:00am: Eurozone Manufacturing 55
19:00pm: FOMC interest rate meeting
Summary: Investors eye the Bank of England meeting on Thursday regarding rates.
Asian factory orders start to slow as US-China conflict starts to bite.
Traders awaiting FOMC meeting tonight.
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