7th November 2017 Market Update
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?? GBP – There was no data of note from the UK. However the pound gained over 1 cent against the euro, as it appeared to simply regain the losses from last week. The pound appears to have momentum though, and appears to be buoyed as the markets seem more optimistic that a trade deal could be struck following Brexit negotations.
?? EUR – Despite Services PMI coming in above expectations yesterday, the euro did not benefit from the better than expected data. Once again today, it will be very a quiet day for the euro, with Mario Draghi speaking at an ECB Forum on Banking Supervision. Unless Draghi states something specifically regarding quantitative easing or interest rates, there will probably be no response to this.
?? USD – Like the Eurozone and UK, there was no important data from the US yesterday. FOMC Member Dudley spoke at the Economic Club of New York luncheon. There was nothing of note from this. Once again today will be very quiet, with Janet Yellen speaking this evening although this is not expected to move the rates.
10:00am – ECB President Draghi Speaks
18:55pm – BOC Gov Poloz Speaks
20:30pm – Fed Chair Yellen Speaks
Summary: Yesterday there was very little data of significance released. Across Europe, services PMI came in a touch above expectations, however this had minimal impact on the exchange rates. Overnight the Australian interest rate decision took place, however this remained unchanged at 1.5% as expected. Today very little of note is taking place, with Mario Draghi speaking at an ECB Forum on Banking Supervision. Janet Yellen is also speaking this evening, providing the opening remarks for a presentation in the US. Despite the lack of data yesterday the pound gained nearly a cent against the euro, as the pound appeared to regain some of its losses from last week’s interest rate decision.
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