Yesterday
- Sterling rates were under pressure yesterday as markets and investors await the outcome of the EU Leader Summit this week, in which they will decide whether to grant the UK an extension to the Brexit deadline.
- GBP/USD was trading with a 1.3100 handle in the morning but ended the day trading just shy of 1.3050.
- GBP/EUR having hit a morning’s high of 1.1633, traded as low as 1.1555 by mid-afternoon before closing the day at 1.1590.
- The International Monetary Fund (IMF) cut global growth forecasts yesterday and suggested a No-Deal Brexit could have potentially large and long-lasting negative impacts on both the economies of the UK and the European Union.
- The IMF predict global growth will likely be 3.3% in 2019, a 0.2% downgrade from their January forecast. However their forecast for 2020 remained unaltered at 3.6%.
- US JOLTS Job Openings 7.09M (7.54M Exp)
Overnight
- According to Reuters, and ahead of today’s EU leaders summit, the EU will grant the UK a further delay to the Brexit deadline however it is likely they will demand a far longer extension than currently being sought by Theresa May.
- The Aussie Dollar has rallied in FX markets this morning following less Dovish comments than expected from Reserve Bank of Australia Dep Gov Debelle.
- Japan Core Machinery Orders m/m 1.8% (3.0% Exp)
- Japan PPI y/y 1.3% (1.0% Exp)
- French Industrial Production m/m +0.4% (-0.5% Exp)
- Italian Industrial Production m/m +0.8% (-0.5% Exp)
Today
- Plenty of key UK economic data set for release this morning (Incl GDP & Manufacturing).
- Markets and Investors will also be closely following the EU Leaders Summit in which another potential Brexit extension will be discussed.
- The ECB’s monetary policy meeting is taking place this afternoon.
MAJOR CURRENCY PAIRS
Current at time of distribution
| Currency Pair | Interbank Rate | % Change on Day |
| GBP/EUR | 1.1603 | +0.11 |
| GBP/USD | 1.3069 | +0.16 |
| EUR/USD | 1.1262 | +0.01 |
| AUD/USD | 0.7147 | +0.36 |
ECONOMIC CALENDAR
Current at time of distribution
Current at time of distribution
| Time (GMT) | Region | Data Release | Forecast | Previous |
| 09.30 | GBP | GDP m/m | 0.2% | 0.5% |
| 09.30 | GBP | Manufacturing Production m/m | 0.2% | 0.8% |
| 09.30 | GBP | Goods Trade Balance | -12.5Bn | -13.1Bn |
| 12.45 | EUR | ECB Interest Rate | 0.00% | 0.00% |
| 12.45 | EUR | ECB Monetary Policy Statement | ||
| 13.30 | EUR | ECB Press Conference | ||
| 13.30 | USD | CPI m/m | 0.3% | 0.2% |
| TBC | GBP | NIESR GDP Estimate | 0.1% | |
| 16.50 | USD | Fed Member Quarles Speaks | ||
| 19.00 | USD | FOMC Meeting Minutes |