21th November 2019 Market Update
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🇬🇧 GBP – There was no data of significance from the UK yesterday. Sterling dropped off marginally though following on from the TV debates on Tuesday evening, as the opinion of the public was that the debate was a tie. Today public sector borrowing is being released from the UK, however regardless of the data it is unlikely to impact sterling. Today the Labour Party will launch its “manifesto of hope” and will outline its policies. Again, it will be quite unlikely that it will impact sterling, but if polls start to show that the Tory lead is diminishing and a hung parliament is more likely, sterling could weaken.
🇪🇺 EUR – German PPI was released below market expectations yesterday at -0.2%, reiterating underlying concerns with the German economy. Today the ECB monetary policy meeting accounts are being released at 12.30pm, which will provide further insight into the ECB Governing Board’s most recent meeting.
🇺🇸 USD – Yesterday evening FOMC meeting minutes were released, which highlighted that the rate cut was warranted due to the weakness in the global economy. The minutes also suggested that some policymakers favoured keeping interest rates steady now, as there were reasons to believe that inflation would rise. This afternoon the Philly Fed manufacturing index is being released along with existing home sales. Both are expected to show an improvement over the previous readings.
GBP: Labour is set launch its manifesto, any changes in the polls could impact sterling
EUR: ECB monetary policy meeting accounts are being released
USD: FOMC meeting minutes released, highlighting the rate cut was due to global economic concerns
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