6th March 2018 Market Update
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?? GBP – Sterling took encouragement in the morning after services PMIs overshot expectations. Later in the afternoon, Sterling saw another boost during Theresa May’s speech in parliament, suggesting that a transitory deal was close.
No data due out from the UK today but we have a speech from MPC member Andy Haldane this evening.
?? EUR – Markets digested the result of the Italian election but there was no clear direction on the currency. On the data front retail sales beat expectations but the services PMIs for the area fell marginally from January.
No data out from the Eurozone but focus will be on any further developments in Italy of a coalition being formed.
?? USD – US Services PMIs were also out yesterday surpassing expectations adding a little support for the US dollar. Donald Trump rebuffed Paul Ryan’s criticism of the steel and aluminium tariffs, stating that he does not think that such tariffs will lead to a trade war and thus will not change his position on the matter.
No major news out of the US today but no doubt we will see further comments regarding the Trump administration’s tariffs.
18:15pm: Andy Haldane Speech
Summary: Sterling gained ground yesterday afternoon after Theresa May suggested that a Brexit transition deal with the EU was close. Elsewhere markets continued to digest the results from the Italian election and over in the US, House Speaker Paul Ryan criticised the Trump administration’s decision to implement new tariffs on steel and aluminium.
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