Daily Update - 21st Mar 2017
Politics took center stage yesterday as there were only 2 mid-level reports from Euro zone. Both Producer Price Index & Labour cost showed positive figures but did not create any volatility in the market. In UK, the government has confirmed that Article 50 will be triggered on Wednesday 29th March and will leave the EU, with or without a trade deal, at the end of March 2019. In France, the first French Presidential debate saw centrist Emmanuel Macron come out on top, well ahead of Ani EU candidate Le Pen. Macron’s strong performance helped EUR maintain its positive growth and should further strengthen it in the European session. Later in the day, hawkish comments from Fed members Evans and Harker did not provide any support to weakening Dollar. Important day for UK as Consumer Price Index will come out, which should provide solid reasons for BOE to increase rates if the figures are positive. Day will start with Australia releasing RBA Meeting Minutes from the previous meeting last week. By Afternoon UK will release Producer Price Index which is a monthly measurement of the rate of inflation experienced by the UK manufactures when buying goods and services. This will be followed by the all-important UK Consumer Price Index which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Day will end with Public Sector Net borrowing from UK which captures an amount of new debt held by the U.K. government. In the political front, Scottish First Minister Nicola Surgeon will seek approval from parliament for a second referendum while EU Leaders are scheduled to review on Greece Bailout at the EU summit today.Yesterday’s Market
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