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June 4th Market Updates

GBP/EUR opened at 1.1306, traded a high of 1.1330, a low of 1.1252 and closed down 0.2% at 1.1260.
GBP/USD opened at 1.2626, traded a high of 1.2974, a low of 1.2610 and closed at 1.2663 representing an increase of 0.26% on the day.
UK manufacturing PMI came in weaker than expected at 49.4 vs 52.5 expected.
US ISM manufacturing PMI also came in weaker than expected at 52.1 vs 53.0.
US president Donald Trump was welcomed to Buckingham Palace by The Queen yesterday as he began his official state visit.
Some political leaders such as Jeremy Corbyn and Vince Cable turned down their invitation to a royal banquet in a stand against Trump’s views.
Fed’s Bullard commented that a rate cut may be warranted soon to lift inflation which further supported the bulls.
International Trade Secretary Liam Fox said a no-deal Brexit could be used as a ‘weapon’ for those ‘seeking to break up the United Kingdom’.

Overnight

Australian retail sales m/m came in weaker than expected at -0.1% vs 0.2% but current account data came in as expected at -2.9B.
GBP/AUD, GBP/NZD and GBP/JPY are trading at 1.8131, 1.9203 and 136.80, respectively.

Today

PM May will today meet President Trump as part of Trump’s state visit to the UK.
At 10am we will see CPI Flash estimates from the UK.

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