Sterling marooned at current levels

Hi everyone,

Poor manufacturing data in the Euro-Zone today, saw the € weaken 0.5% against both the £ & $. £-€ rates briefly touched 1.12 before quickly contracting, after the UK then published its own poor manufacturing figures of a 6-year low.

It was a pretty significant jump, which in another time would be a real headliner. But because the market is Brexit driven, it gets swept under the carpet and the focus turns once again on the unsupported Pound.

Analysts are predicting a 'sideways' trend for this week with no major movements expected, apart from more $ strength. There isn't a great deal data-wise to get stuck into either, so it will be the Johnson-Hunt PM battle & the European Unions's top jobs race to ignite the week. The main job up for grabs that will be very important for the FX market is the announcement of the new ECB president. This is the person who has significant bearing on future monetary policy and therefore the overall direction of the Euro. 




Upcoming Data


Tuesday, 2nd July, 2019

06:00 UK - House price index
06:00 EU - German retail sales
08:30 UK - Construction PMI
09:00 EU - Euro-Zone PPI
14:05 UK - BoE Carney conference 

Wednesday, 3rd July, 2019

08:00 EU - Euro-Zone PMI
08:30 UK - Services PMI
11:00 US - Mortgage applications
12:15 US - Employment change
12:30 US - Trade balance & jobless claims
13:45 US - Services PMI
14:00 US - Factory orders & durable goods

Thursday, 4th July, 2019

07:30 EU - German PMI
09:00 EU - Euro-Zone retail sales 

Friday, 5th July, 2019

06:00 EU - German factory orders
08:30 UK - Labor costs
12:30 US - Non-fam payrolls, unemployment rate & average earnings


Dan Waterman
Office Manager

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