Daily Update - 11th July 2019
GBP Industrial production resulted negative and it did not have much effect on the Sterling pound due to amid tensions on the rate cut and Jerome Powell’s statement of the same. The minutes show FOMC member concern over soft economic data such as the weak jobs report from April, weakening indicators for business confidence and spending, decreased manufacturing activity and the ongoing trade tensions - mainly between China and the US. However, not all members are completely convinced that rate cuts are necessary at this time as several members voiced that they did not see a strong case for rate cuts when the Fed met last this past June. HICP is an index of consumer prices calculated and published, HICP is a measure of prices used by Governing Council of EU to define and assess price stability in the euro area as a whole in quantitative terms. The Initial Jobless Claims released is a measure of the number of people filing first-time claims for state unemployment insurance.In other words, it provides a measure of strength in the labor market. A larger than expected number indicates weakness in this market which influences the strength and direction of the US economy. Followed by Consumer Price Index (CPI) Ex Food & Energy released is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. Yesterday’s Market
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