Daily Update – 16th July 2019
JPY Marine Day CNY Gross Domestic Product The euro edged lower against the dollar on Monday, as expectations for a dovish European Central Bank meeting next week weighed on single currency. Foreign exchange markets were quiet on Monday and volatility low ahead of major central bank policy meetings next week. Money markets have priced in an ECB rate cut of 10 basis points in September and another one in March. Sterling declined against the dollar on Monday, as traders were nervous about a loss of momentum in the UK economy, the prospect of an interest rate cut and a new prime minister. On Tuesday, employment and wage growth data for the month of May will show how the British labour market is holding up. Many economists expect the UK economy will have contracted in the second quarter. Investors are also waiting for the outcome of the Conservative party leadership contest to replace Prime Minister Theresa May. On Tuesday, Germany will release the ZEW survey for July, with the Economic Sentiment seen improving just modestly in the country and deteriorating further in the whole Union. The US will publish June Retail Sales, seem modestly up MoM by 0.2%, while Fed’s Chief Powell is due to deliver a speech titled “Aspects of Monetary Policy in the Post-Crisis Era" at the French G7 Presidency 2019, in Paris. The UK will release this Tuesday its latest employment data. Yesterday's Focus
Yesterday's Explained
Today's Market
Today’s Focus
