Distinct lack of data yesterday

27th June 2018 Market Update

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?? GBP – Yesterday there was no significant data out from the UK, and this was reflected in the market movements with Sterling staying very immobile.

Today Mark Carney speaks in London with regards to the financial stability report. This is an assessment of the financial system and potential risks to financial stability, and Carney may provide insight into the future of the Bank of England’s monetary policy.

?? EUR – Like the UK there was no data of note from the EU yesterday. The only thing of relevance today is at 9.00am when the monetary supply for the EU is released. If it is greater than the market is forecasting the euro could strengthen, however it is very unlikely the market will move significantly.

?? USD – Consumer confidence came in below expectations from the US yesterday at 126.4, however this had minimal impact on the market. The market still appears concerned over the potential trade war between China and the US which could arise, so the dollar remains strong as a safe haven.
This afternoon core durable goods are being released from the US and is expected to contract slightly to 0.5%. Following on from this crude oil inventories are being released from the US at 3pm.


Key Announcements

?? GBP
09:30am: BOE Governor Carney Speaks

?? USD
13:30pm: Core Durable Goods Orders
15:00pm: Crude Oil Inventories

?? NZD
22:00pm: Official Cash Rate RBNZ Rate Statement


Summary: The exchange rates yesterday remained fairly muted as there was a distinct lack of data, and today there will probably be more of the same. The only things of note are Mark Carney speaking following the release of the financial stability report. He may provide some forward guidance with regards to monetary policy, and this would lead to potential market movement.
From the US, core durable goods are being released this afternoon followed by crude oil inventories. This evening New Zealand have an interest rate decision, where rates are expected to remain at 1.75%.


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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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