Another Day, Another Win for Dollar

Daily Update - 01st May 2018

Yesterday’s Market

• EUR Retail Sales & Harmonized Index
• USD Personal Consumption Expenditure & Pending Home Sales

Yesterday Explained

Worse-than-expected German inflation figures and retail sales figures fueled another decline for Euros yesterday, as the markets awaits big data this week. US figures were mixed but did not matter as US treasury yields kept on increasing helping the dollar to continue its upward momentum.

The pound fell after a statement from a senior EU negotiator. In a statement, Michel Barnier, the senior EU negotiator said that the UK must soften its hard lines, especially on the Irish border. The same sentiment was repeated by Irish prime minister who asked the UK to change its negotiating tactics.

Today’s Market

• GBP Markit Manufacturing PMI & Mortgage Approvals
• USD ISM Prices Paid & ISM Manufacturing PMI
• CAD Gross Domestic Product & BOC Governor Poloz Speech

Today’s Focus

Some of the markets will be closed today in order to commemorate the Labor Day. From UK we will see Markit Manufacturing PMI which captures business conditions in the manufacturing sector. This will be followed by Mortgage Approvals which presents the number of various Mortgage Approvals.

Then the focus shifts to USA with data from US manufacturing sector, which shows the business conditions of this sector. From Canada we will see the release of GDP figures and a speech from Governor Poloz.