Daily Update - 5th September 2017
The pound extended its losses against the euro after a gauge of U.K. construction growth unexpectedly slowed to the weakest in a year in August. Sterling was set to reverse its gains made Friday versus the euro. The British currency has been buffeted by a lack of progress in Brexit negotiations between the U.K. and the European Union. The third round ended in stalemate last week, spurring doubts that the two sides would be ready to discuss a trade deal any time soon. Markets will keep an eye on politics with the U.K. House of Commons reconvening on Tuesday after its summer recess. Looking ahead, we have an eventful EUR calendar, with the Swiss GDP and CPI data up for release, followed by a raft of Euro area final services PMI reports. However, the UK services PMI data will emerge the main market mover in Europe. Also, the second-liner data, including the Eurozone GDP and retail sales, will keep the EUR, GBP traders busy. Besides, speech by the RBA Governor Phillip Lowe will also remain the key highlight in the session ahead. Later in the NA session, speeches by FOMC members Brainard and Kashkari will drive the USD moves, with the US factory orders data also on the cards. Yesterday’s Focus
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