13th March 2018 Market Update
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🇬🇧 GBP – A very quiet day for the pound yesterday with a real lack of data releases. The pound however crept upwards against the euro and dollar on the back of comment from UK Brexit minister Robin Walker who said that the UK and EU are “very close” to an implementation period deal on Brexit.
Today the markets will look to the Spring Statement from Chancellor Philip Hammond who will likely unveil improved growth and borrowing forecasts.
🇪🇺 EUR – With no data from the Eurozone yesterday markets are watching to see how the EU’s attempt to exempt itself from the US steel and aluminium tariffs will prevail.
No data is expected from the EU today.
🇺🇸 USD – The dollar fell slightly lower yesterday in the absence of data and a slight return to risk appetite.
Today, inflation will be in the limelight as US CPI is expected to show a slight downturn on the monthly figure but we could see a mixed bag of results as the year on year figure is expected to improve.
11:30am: Spring Statement
12:30pm: CPI MoM 0.2% expected from previous 0.5%
12:30pm: CPI YoY 2.2% expected from previous 2.1%
Summary: A very quiet day in the markets yesterday, though the pound found some strength as the markets moved back towards a risk and the UK Brexit minister suggested that there had been progress made and the UK and EU are now very close to agreeing on an implementation period on Brexit.
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