Brexit Bill Back to Parliament in 3 Weeks

15th May 2019 Market Update

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🇬🇧 GBP –  Sterling continued its downward trend hitting lows last seen in mid-March versus the euro and a new two week low versus the US dollar. Data from the job market was positive with the unemployment rate hitting a new low since 1974 down to 3.8% and wage growth fell in line with consensus at 3.3% and in line with the Bank of England’s narrative.

Regarding Brexit, a vote on the Withdrawal Agreement is scheduled for the week beginning the 3rd June.
No further data is due today.

🇪🇺 EUR – Moves on the euro were muted despite industrial production figures beating expectations.

Volatility should increase today with Eurozone quarter one growth figures due for release this morning. Estimates suggest growth to remain at 1.2% year on year but given German GDP figures released this morning have shown German growth figures falling short of expectations then we could see a worse than expected figure for the eurozone.

🇺🇸 USD –  Comfort was taken yesterday with regards to the ongoing trade wars between the US and China after President Trump commented yesterday that he is looking forward to his meeting to China President Xi.

Key data today are retail sales figures forecasted to show that sales dipped in April to 0.2% from 1.6% in March

 

Summary:

GBP: UK Unemployment New Low Since 1974

EUR: First Quarter Growth Figures Due out Today

USD: Retail Sales in Focus today


 

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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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