24th May 2019 Market Update
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🇬🇧 GBP – Theresa May had told the commons that the new withdrawal agreement bill would be published today, however following serious backlash from a number of cabinet ministers forced the publication to be delayed to allow the PM to “listen to her colleagues’ concerns” about the legislation. This caused the pound to slide further as concerns for an orderly Brexit seem to have faded away yesterday.
PM Theresa May is due to announce her timetable for resignation this morning and according to Bloomberg she intends to resign on June 10 after the US state visit to the UK. On the data from, retail sales are expected to show a slow down and could further weigh on the pound.
🇪🇺 EUR – Yesterday, we saw manufacturing and services data from the Eurozone and Germany fail to hit expectations showing a slight fall from the previous month. This follows from minutes from the ECB’s latest policy meeting which showed declining confidence in growth recovery and suggested the zone would have weaker growth than previously expected. Any further slowdown will be watched out for carefully and could further pressure the Euro.
Today, we have no data on the calendar though EU parliament elections continue to take place today and results will be announced once all voting has closed on Sunday evening.
🇺🇸 USD – Similar to the Eurozone, the US also saw a sharp slump in manufacturing and services data yesterday, casting doubt on the outlook of the global economy. The US China trade war continues to be in focus as China’s Commerce Ministry noted China will not make concessions on key major issues overnight, thus any chances of talks resuming seem to be fading fast.
Durable goods orders will be the highlight today with a softer reading expected potentially due to weakness in demand for commercial aircraft as US aircraft maker Boeing reporting zero new orders in April.
GBP: PM Theresa May ditches withdrawal bill, due to announce timetable for resignation this morning
EUR: Slowdown in economy highlighted by lacklustre manufacturing and services data yesterday
USD: Durable goods in focus today following dismal data yesterday
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