Daily Update - 10th July 2018
• EUR Trade Balance & Sentix Confidence • US FOMC Member Kashkari Speech & Consumer Credit Change May’s authority and position into question, leading to further uncertainty which will greatly weigh on investment and business decisions hence creating a sterling negative over the next few weeks. The key deadline in all of this is trying to come up with a proposal feasible enough to be discussed with the EU by October. May has said they will publish the Brexit white paper later this month and May’s push to appease parliament and the EU is not going to be welcome by the hard Brexit camp and also by the people who voted in the referendum back in 2016. Euro Zone Trade Balance & Sentix Confidence both came in positively for the boosting the Euro further against the Bulls. Further information on gradual Interest Rate hikes comments from Kashkari slowed the growth of the Bulls regardless of the Positive results on Consumer Credit Change. • GBP Manufacturing Production, Gross Domestic Product • EUR ZEW Survey – economic & current situation On Tuesday, For the Pound, key stats through the week include May’s industrial and manufacturing production and, trade first release of UK GDP on a monthly basis. As it is the first of its kind, the attention and the reaction may be relatively strong, even though this is not a quarterly figure but only a quarterly one with Germany and the Eurozone’s ZEW economic sentiment figures for July also likely to influence the EUR on Tuesday. Stats could provide further support to an August rate hike and the Pound’s recovery to $1.33 levels and beyond. Central banker commentary could raise the prospects of a rate hike further, following BoE Governor Carney’s hawkish comments last week.Yesterday’s Market
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