6th September 2018 Market Update
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?? GBP – Sterling jumped against its major trading partners on Wednesday, rebounding off a two-week low, after a report that the UK and Germany were prepared to drop a key issue on Brexit negotiations fuelled hopes of a breakthrough in talks.
Data in the morning showed a better than expected set of numbers for services which makes up over 70% of UK growth. We have no data out from the UK today.
?? EUR – From the Eurozone all was quiet despite a raft of PMI data from France, Germany and mainland Europe as a whole. It seems that Brexit news is the main topic of discussion from within Europe. Like the UK we have very little in the way of data from the Eurozone today.
?? USD – From across the Atlantic the greenback rose broadly as concerns grew that US President Donald Trump may soon ramp up a trade war with China by imposing new tariffs on Chinese imports. Most investors will be turning their attention towards the US jobs report on Friday. From the United States today we have data in the form of PMI services numbers closely followed by the ISM manufacturing numbers.
14:45pm: PMI Services
15:00pm: ISM Manufacturing
Summary: Sterling rallies against G10 pairs on Brexit comments.
US Dollar on the backfoot before Friday’s US jobs report.
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