13th February 2018 Market Update
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?? GBP – No data from the UK yesterday which was reflected in the pound’s lack of movement.
Today inflation is the focus with all indicators suggesting the figure will remain at 3%, anything aside from this could affect any imminent interest rate hikes. Elsewhere chancellor Phillip Hammond will start a fortnight tour of EU capitals, so expect lots of Brexit news in that time period.
?? EUR – No releases from Europe yesterday or today. The euro will likely trade at the mercy of the pound and dollar.
?? USD – No news yesterday resulted in flat trading.
Today only FOMC member Mester is to speak; he is normally hawkish on interest rates and will be taking audience questions, which could be useful for forward guidance.
09:30: CPI expected to be 2.9%, previously 3%
Summary: It comes as no surprise that markets were very flat yesterday after no top tier data was released. The focus now of course is the UK’s key inflation reading – CPI.
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