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June 3rd Market Updates

Sterling and the US Dollar were two of the weaker performers in FX markets on Friday.
With the exception of a +0.19% gain against the US Dollar, the Pound closed the day down against all of its other major currency counterparts.
Despite some positive lower impact UK economic data Friday morning, Brexit continues to dominate the Pounds struggles. GBP/EUR closed at 1.1314, down -0.11% on the day, that compounded what had been the largest monthly loss for sterling against the Euro in two years.
That positive UK data included a higher than expected lending figure, with net lending to individuals up £5.2Bn in April (£4.6Bn was expected). Mortgage Approvals also beat expectations along with a better than expected M4 Money supply print of +0.9% (+0.4% Expected).
Italian Prelim CPI m/m 0.1% (0.2% Exp).
Canada’s economy expanded by just +0.4% in the first quarter of 2019, that was almost half the +0.7% growth economists had forecast. However following a weak February there was a rebound in March with +0.5% month-on-month growth.
US Chicago PMI 54.2 (55.1 Exp)
US Revised UoM Consumer Sentiment 100.0 (102.0 Exp)

Over The Weekend

According to a white paper on China’s official position on trade talks with the United States, Beijing has made it clear that they believe the US Government ‘should bear the sole and entire responsibility’ for the current impasse.
The Leader of Germany’s Social Democrats (SPD) has said she will resign this week. Andrea Nahles’ SPD party is currently in coalition with Angela Merkel’s Christian Democrats but her resignation will come as real blow and raise fresh doubts over the longevity of the coalition.
According to economists at JP Morgan Chase, President Trumps latest tiff with Mexico and his threat to impose tariffs on Mexican goods, could lead to the Federal Reserve cutting interest rates as the tariffs hit business confidence and potentially drag down US economic growth.
Japan Final Manufacturing PMI 49.8 (49.7 Exp)
Australia Company Operating Profits q/q 1.7% (2.9% Exp)
China Caixin Manufacturing PMI 50.2 (50.0 Exp)

Today

Appears to be ‘Manufacturing’ Monday today with a raft of PMI readings for the Eurozone, US, UK and Canada all set for release.

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