Focus shifts to Euro Markit Figures & US PMI

Daily Update - 24th October 2018

Yesterday’s Market

• Bank of England Mark Carney Governor’s Speech

Yesterday’s Explained

Yesterday was quiet in terms of Economic Data and the Markets globally was anxiously reacting towards Political Woes in EU & UK followed by Irish Border issue. Sterling Pound bounced back against the Dollar on the early session yesterday & Euro hawkish all throughout the day.

 

Today’s Market

• EUR market manufacturing and PMI
• US PMI and Composite
• Bank of Canada monetary policy meeting and interest rate decision.

Today’s Focus

The Euro was little against the USD on Tuesday after the European commission rejected Italy’s 2019 budget and said it will ask Rome to present a new document within 3 weeks. The dispute over Italy’s spending plans, investors focusing the further political turmoil in Europe.

Worries about Italy’s spending has bred some doubt about the ECB plans to raise interest rates next summer.

GBP gained against USD yesterday after a media report that the European Union could offer Theresa May a UK-wide customs union to clinch a Brexit deal. EU diplomates have told Reuters that the bloc of examining ways to solve Irish border issue, by keeping the whole of the UK.