12th June 2019 Market Update
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🇬🇧 GBP – The pound found support yesterday as average earnings and wage growth beat expectations and the UK Unemployment rate remained flat at an impressive 3.8%.
Today we have no data due from the UK, but on the political front, the Labour party has tabled a cross-party motion to stop the future prime minister pushing through a no-deal Brexit against the wishes of MPs. The party plans to force a vote today, which would enable MPs to introduce legislation to avoid a no-deal scenario at the end of October.
🇪🇺 EUR – A fairly quiet day for the Euro as no data of note was released, though the single currency was targeted by President Trump who tweeted that the EUR and other currencies were too weak and thus hurting US competitiveness.
Today, we have a lot of ECB speeches this morning, including one from Mario Draghi, where he will talk on the “Resilience to global headwinds” . Any dovish comments could see the euro softer this morning.
🇺🇸 USD – Following from the US presidents tweet about the weak Euro, Trump went on to knock the Fed again as he stated that the US was put at a “big disadvantage” as US interest rates are kept too high whilst others are devaluing their currencies, notably the EUR and CNY. Furthermore, the US president also said that he is “holding up” the China US trade deal on accusations of China reneging on the previous terms.
Today US CPI is will take centre stage, though we aren’t expecting any change, thus could be a non-event.
GBP: Jobs figure helps support the pound
EUR: ECB speeches in focus this morning
USD: US inflation key this afternoon
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