Daily Update
TD Securities Inflation from Australia came out as expected hence supported Australian dollar remain its positive growth over rival currencies. Early morning we saw GBP/AED reaching lows of 4.40 ahead of UK PM’s Theresa May speech on Tuesday. US markets were closed yesterday hence major focus was on UK where Mark Carney, Governor of BOE had a speech at the London School of Economics. Mr Carney said UK economic growth will take a hit in the coming years as the Brexit-hit pound begins to weigh on wages and consumer spending. He also mentioned that household debt and rising consumer credit will be a key issue for the Bank's Monetary Policy Committee as it decides whether or not to hike interest rates. Early morning Australia released its Home Loans report which reported a positive figure which was better than expected. This helped Australian dollar gain positive growth in the early trading hours. This was followed by Industrial production report from japan which came out as expected, supported JPY to maintain its positive gains against USD. Immediate focus will be on Inflation data from UK where they will release reports on Producer Price Index – Output & Input, Consumer Price Index, Core Consumer Price Index. These reports will be followed by ZEW Survey – Current Situation and Economic Sentiment from Europe, which measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. The Major event for today will be the speech by UK Prime Minister Theresa May. The UK Press has outlined 12 key points on which PM May will hold her speech on Brexit, signaling that the UK will not have "partial" membership of the EU "that leaves us half-in, half-out." Her comments pointing towards a Hard-Brexit will pose a big economic slowdown threat for the UK economy and hence, will heavily weigh on the pound. Yesterday Market
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