Carney exit?

4th September 2018 Market Update

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?? GBP - A slow day for the Pound, it lost some of the ground it gained last week. Only news to note was the Treasury's concession over Mark Carney’s future at the Bank of England. A side note to that is that it's more about the next governor than Mark Carney himself which could be difficult to select given Brexit.

Today at the inflation report hearing it will be interesting to hear if there are any subtle clues as to future policy. Construction PMI is expected a little lower than previous.

?? EUR - Manufacturing figures yesterday were the same as last time, as expected, so it had no effect on the market.

Only PPI is out today, a small drop is expected.

?? USD - It was a national holiday in the States yesterday so we saw no major data releases.

Manufacturing PMI is expected to fall slightly this afternoon.


Key Announcements

?? GBP
13:15pm: Inflation report hearing

?? EUR
10:00am: PPI – Expected to drop slightly

?? USD
15:00pm: ISM Manufacturing – a very small drop is expected


Summary: Yesterday was sparse data wise, with the States having a national holiday and no data from the UK. Only manufacturing figures from Europe were released.
The Treasury Committee spoke of its desire for Mark Carney to remain as governor of the Bank of England up to a year longer than his planned June 2019 exit.
Today the inflation report hearing and construction PMI, as well as construction manufacturing data from the US, will be in focus.


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