Pound on Pause as Brexit Extension Awaits

Daily Update - 24th October 2019

Yesterday’s Market

• USD: Housing Price Index

Yesterday’s Focus

The Housing Price Index report shows lesser reading than the previous data.

 

Today’s Market

• EUR: ECB Interest rate decision,  ECB Monetary policy statement

• USD: Nondefense Capital goods order

Today’s Focus

It’s a busy day ahead on the economic calendar, for the EUR. October prelim PMI numbers are due out of France, Germany, and the Eurozone. We expect Germany’s manufacturing PMI and the Eurozone’s composite to have the greatest influence on the day. Later in the session, U.S durable goods orders and prelim private sector PMIs will also influence. Expect any further slowdown in service sector growth to test the EUR. On the monetary policy front, the ECB is also in action as Draghi delivers his last press conference as ECB President. There’s also geopolitics to consider on the day. Brexit and any chatter on trade will need considering on the day.

For the Pound, it’s yet another quiet day ahead on the data front. There are no material stats due out of the UK to provide the Pound with direction. A lack of stats leaves the Pound in the hands of the UK Parliament through the latter part of the day. There’s also the small issue of the Brexit extension to consider. 

Across the Pond, it’s a busier day ahead on the economic calendar. September durable goods orders and October prelim private sector PMIs are due out this afternoon. Later in the session, new home sales figures for September are also due out. We can expect core durable goods orders and the service sector PMI to have the greatest impact on the day.