24th October 2017 Market Update
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?? GBP – Yesterday was flat across the board, with no economic data released from the UK. The pound did seem to pick up a little in the evening, possibly on the back of the Luxembourg finance minister warning that a hard Brexit could let the City “drift away”, which encourages the possibility of productive Brexit talks. Today is again devoid of any meaningful economic data, with markets focusing on tomorrow’s preliminary GDP figures.
?? EUR – Yesterday saw ECB member Praet speaking, but he didn’t provide any new insights and the euro remained static. Preliminary Consumer Confidence was released in the afternoon slightly better than expected, but this also had no effect on currency movement.
Today sees Services and Manufacturing PMI data, both of which are expected to fall. In the absence of anything else, another quiet day seems most likely.
?? USD – Following the trend, there was no data for the US yesterday and consequently nearly no movement in the FX market.
Flash Manufacturing and Services data comes out from the States today at 2.45pm, however, it is likely to have little effect.
09:00am – European Flash Manufacturing PMI Data
09:00am – European Flash Services PMI Data
14:45pm – US Flash Manufacturing PMI Data
14:45pm – US Flash Services PMI Data
Our View: The start of a quiet week looks set to remain sedate throughout today. The short-term view is that political announcements will likely remain the focus, along with the UK’s interest rate decision on 2nd November.
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