13th October 2017 Market Update
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?? GBP – Sterling fell on Thursday morning after the EU’s chief negotiator, Michel Barnier, made comments stating that there hasn’t been much Brexit progress and talks have reached deadlock. There is still no progress regarding a trade deal and many matters are yet to be resolved. Barnier also mentioned that the UK is still not ready to confirm its payment commitments, however, he did say progress is possible in the next 2 months, which led to some positive moves for the pound in the afternoon.
There is no major data being released from the UK today.
?? EUR – The euro failed to continue its good run of late against the dollar. Yesterday saw President Draghi speak at the FOMC and discussions focused on future interest rate movement and QE. Draghi’s comments yesterday weakened off the euro as he mentioned that inflation will converge and patience is needed.
Today we have German Final CPI m/m forecast as expected, however, little market movement is anticipated from this.
?? USD – Yesterday saw PPI and unemployment claims data, which came in as expected and slightly better than forecast respectively. There was no major impact on the market as these are now weekly figures.
Friday is a relatively data-heavy day for the dollar with CPI figures, Core and non-Core Retail Sales data. Positive outputs could well strengthen the dollar and bring levels back to the start of the week.
13:30pm – Core m/m, Core CPI m/m, Core Retail Sales m/m, Retail Sales m/m
15:25pm – FOMC Member Evans Speaks
16:30pm – FOMC Member Kaplan Speaks
Our View: With little to no data in the UK and Europe today, all the focus is anticipated to be stateside. However, it will be interesting to see if the pound can sustain its momentum generated late yesterday.
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