10th April 2019 Market Update
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🇬🇧 GBP – Sterling moves were at a minimum yesterday as MP’s backed Theresa Mays plan to ask for a Brexit extension until 30th June 2019. The PM will be at an emergency EU summit this afternoon (due to start at 5pm) to formally request this extension, however the EU is expected to counter with a flexible extension until the end of the year with conditions attached.
Todays agenda will begin with growth figures for the month of February, worryingly forecasted to drop to 0% growth from 0.5%. Then we’ll have Prime Ministers question time at lunch time with the summit in focus towards the end of the day. Sterling moves are expected to remain minimal throughout the course of the day as markets await the outcome of the summit.
🇪🇺 EUR – Eurozone worries resurfaced again after the IMF gave out growth concerns for both Italy and Germany. However, this had little effect on the euro as the currency continued to make minor gains against the dollar
The ECB will be in focus this afternoon, but little is expected from Mario Draghi this time around following the dovish comments from last month. Could see the euro continues its upward momentum.
🇺🇸 USD – Aside from Trumps threat of US$11bn worth of tariffs to be potentially imposed on the eurozone, there was little news stateside and as a result dollar moves were muted.
Inflation figures will be out this afternoon forecasted to show minor improvement of 1.8% from 1.5%, which could negate recent thoughts that the Fed will put any further rate hikes on hold. The FOMC minutes will follow on nicely after to see what indeed the Feds stance is on monetary policy and their interest rate cycle.
GBP: Growth data in Focus this Morning
EUR: IMF downgrade German and Italian growth prospects
USD: FOMC Minutes Could give further rate cycle guidance
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