Market buoys while Fed Powell to Headline Annual Jackson Hole Policy Conference

Daily Update - 22nd August 2019

Yesterday’s Market

• GBP Public Sector Net Borrowing
• US FOMC Minutes

Yesterday’s Explained

Sterling pound lost ground regardless of the positive statements from Angela Merkel on room for negotiations in the Brexit situation. Later on dollar picked up gains on the with US FOMC minutes confirming the anticipated aggressive expectations the central bank would embark on a series of deep interest rate cuts.

 

Today’s Market

• US Jackson Hole Symposium
• Germany Markit Manufacturing PMI & PMI Composite
• ECB Monetary Policy Meeting Accounts

Today’s Focus

Thursday will be the busiest of this week with 2 Day Jackson Hole Symposium Event held in US. It is a forum for central bankers, policy experts and academics to come together to focus on a topic. Followed by Germany will release their Manufacturing & Composite PMI which captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in Germany.

Finally to conclude the busy day ECB will release their Monetary Policy Meeting Account contains an overview of financial market, economic and monetary developments. It's followed by a summary of the discussion, in an unattributed form, on the economic and monetary analyses and on the monetary policy stance. The accounts offer a fair and balanced reflection of policy deliberations.