British Pound - The best performer so far

Daily Update

Yesterday’s Market

• ECB President Mario Draghi speech 

Yesterday Explained

Press and Investors were looking forward to Draghis speech in the evening. But it did not make any positive impact to EUR:

Some of the key points from Draghis speech:

• Implementation of structural reforms needs to be substantially stepped up
• ECB is committed to preserving the very substantial degree of monetary accommodation necessary to secure a sustained convergence of inflation towards levels below, but close to, 2% over the medium term
• Fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the European Union

While in UK, all eyes were on Prime Minister Theresa May when she addressed the CBI conference with a promise to ensure the UK retains the lowest corporation tax rate in G20.The British Pound leaps vs Dollar & Euro as Theresa May Told CBI she could seek early Transitional Brexit Deal for Business.

British Pound is the best performing currency in G10 as busy week of politics kicks off with the Prime Minister telling delegates at the CBI's 2016 conference that the Government was working to avoid a "cliff's edge" Brexit transition.

Today’s Markets

• AUD RBA’s assistant Governor Christopher Kent speech
• GBP Public Sector Net Borrowing

Today’s Focus

The day is light in terms of economic data. However investors will be looking forward as to what RBA Assistant Governor Kent has to say about the current economic situation in Australia. Australian dollar continued falling against its US counterpart last week and AUD/AED has slid to 2.71 from 2.78 during past week due to strong US dollar index posts.

Later in the day Pound may be influenced by UK public sector net borrowing which is expected to give further boost to GBP.