houses of parliaments

Another day another resignation

17th July 2018 Market Update

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?? GBP – Theresa May suffered another resignation over her Brexit plans, taking the toll up to eight now. Robert Courts resigned from his ministerial aide role stating that he could not look himself in the mirror if he had been forced to defend the PM’s plans.

Today will see Mark Carney speaking this morning and is likely to toe the same recent line with the UK gearing up for an interest rate hike in August. Average earnings are expected to remain at 2.5% which shouldn’t shock markets, the unemployment rate is also expected to remain the same.

?? EUR – There are no major releases from Europe today.

?? USD – Not much to note from the US today, Fed member Powell is expected to speak but is not expected to say anything significant.

 

Key Announcements

?? GBP
09:00am: Mark Carney Speech
09:30am: Average earning – expected to remain at 2.5%
09:30am: Unemployment rate – expected to remain at 4.2%

?? USD
15:00pm: Fed Powell speaking

 

Summary: Yesterday was very quiet across the board. The main data release was from the US, in the form of retail sales for June which come out as expected. In other news, Theresa May has had another setback with yet another resignation overnight.

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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