15th May 2018 Market Update
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?? GBP – Sterling traded fractionally higher versus the greenback on Monday amid reports a clearer outlook could be on the horizon in relation to positive Brexit talks. From the UK today we have data in the form of the unemployment numbers at 9:30am, any positive outcome will see the pound continue to gain against its major trading partners.
?? EUR – German 10-year bond yields rose to a 2-1/2-week high on Monday after the European Central Bank’s Francois Villeroy de Galhau said policymakers could give new guidance on the timing of its first rate hike as the end of its bond stimulus approaches. The single currency has been gaining steadily over the last few days after hitting a three month low only last week, so given any Signals the ECB could move on rates would surely see an uptick for the euro.
From the Eurozone we have data in the form of Eurozone growth numbers which if well received could see a further gain from the single currency.
?? USD – The dollar fell to one-week lows on Monday as investors questioned whether a rally that last week sent the greenback to more than four-month highs had run out of steam.
The dollar has gained as a rise in US Treasury yields highlighted the wide interest rate gap between the United States and other countries. From the United States today we have data in the form of retail sales, if well received we could see a strengthen in the greenback.
08:30am: ILO unemployment 4.2% -4.2%
08:30am: Average earnings 2.6%- 2.8%
08:30am: Claimant count 7.8K – 11.6K
09:00am: Eurozone GDP YoY 2.5% – 2.5%
09:00am: Industrial Production QoQ 0.4% 0.4%
09:00am: Industrial Production YoY 3.7%-2.9%
12:30pm: Retail sales MoM 0.3%- 0.6%
12:55pm: Retail sales YoY 4.2%
Summary: Sterling trades higher versus the greenback on news coming from positive Brexit talks. Though wage figures due today have Sterling muted.
The Greenback traded towards a one week low as investors had questioned whether last week’s rally was coming to an end.
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