Daily Update - 13th March 2019
• GBP Industrial Production, UK Parliamentary Vote on Brexit • USD Consumer Price Index The Consumer Price Index rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly 2-1/2 years. The euro was 0.40 percent stronger against the dollar. The dollar came under selling pressure after US inflation cooled more than expected in February. The euro strengthened against the U.S. dollar on Tuesday, after U.S. consumer prices showed that inflation remains low despite a tight labor market, encouraging the Federal Reserve's case for keeping interest rates on hold. The pound fell to low of $1.3002, down more than half a percent on the day, after earlier trading above $1.3140. The UK Parliament rejected May's deal by 391-242 votes, The UK Parliament will decide next to vote on leaving without a deal, and later this week, on an extension of the departure date. • USD Producer Price Index • GBP Budget Report This Wednesday, the EU will release January PPI, while the US will also release producer prices. The Producer Price Index released by the Bureau of Labor statistics, Department of Labor measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Changes in the PPI are widely followed as an indicator of commodity inflation. The Treasury Chancellor presents the economic forecast for next year, containing details about GDP growth estimates, spending and borrowing forecasts as well as fiscal stimulus. On the economic calendar for the Pound, the Annual Budget release and Spring Forecast Statement are expected though, with Brexit in a state of flux, even the Budget may fall on deaf ears.Yesterday’s Market
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