Positive UK budget

Hi everyone,


Chancellor Hammond delivered a positive budget which as expected, did little to effect £, but instead gave a boost towards the UK's upgraded economic outlook. His leading line 'austerity is finally coming to an end' a welcomed quote. 

Back to the FX market and Interestingly, it's the Euro that starts off on the back-foot this week. Chancellor Merkel has today confirmed she will be stepping down from her party CDU, after recent poor votes in the German state of Hesse, an important stronghold for Merkel's party. How this will eventually affect the € remains to be seen, but she will remain for now as Germany's chancellor. 

Germany boasts the largest and most solvent purse in the EU, so changes in the political hierarchy can have significant implications, especially in terms of policy-making in the EU.

It's a very busy week data-wise with all the major players contributing daily. Tomorrow there is key EU data, that looks likely to strengthen slightly the € if coming out as forecast. Thursday belongs to the UK with Governor Carney's conference a key watch. The consensus for the Pound though, is that the warning signs are there for further weakness as the week goes on.



Upcoming Data

Tuesday, 29th October, 2018

06:30 EU - French GDP
09:00 EU - Italian GDP & German unemployment
10:00 EU - Euro-Zone GDP
13:00 EU - German CPI

14:00 US - Consumer confidence

Wednesday, 30th October, 2018


00:00 UK - GFK Consumer confidence 
07:00 EU - German retails sales
10:00 EU - Euro-Zone Unemployment & CPI
11:00 US - Mortgage applications
12:15 US - Employment change
12:30 US - Employment costs

Thursday, 31st October, 2018

07:00 UK - Nationwide house price
09:30 UK - Markit PMI
12;00 UK - Interest rate and inflation report
12:30 UK - Governor Carney conference
12:30 US - Jobless claims
14:00 US - ISM manufacturing & employment

Friday, 1st October, 2018

09:00 EU - Euro-Zone manufacturing PMI
09:30 UK - Markit construction PMI
12:30 US - Trade balance, payrolls, unemployment rate
14:00 US - Factory & goods orders

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