Rumors of Brexit deal rallies GBP
March 13, 2018
Europe Market Movements
Sterling rises – The GBP jumped yesterday to a high of 1.3910 against the USD after it was reported that the UK was close to coming to an agreement with the EU on a transition deal. This morning at 7:33 GMT it was trading at 1.3889. On traders’ radar, the budget report today which is expected to reveal the UK’s smallest deficit in close to 16 years.
US Market Movements
All eyes on the US inflation data, as reflected in the CPI figures. The numbers today will indicate whether a rate hike is imminent. The CAD has been trading weakly lately. The speech today by Bank of Canada Governor Poloz, make create some volatility in this regard.
Asia/Oceania Market Movements
Australian business conditions hot a record high in the latest figures but the data didn’t seem to impact the AUD which didn’t react substantially. Asian stocks crept up today with technology shares, supported by gains in Wall Street. The MSCI index rose by 0.2%, the Nikkei N225 by 0.7% as did the Kospi which rose by 0.15%. Keep an eye on Wall Street today.
The relentless see-saw in oil prices continues, with them falling today in reaction to US production rates. Today – the API Weekly Crude Oil stock. On the crypto front, news giant Thomson-Reuters has launched a bitcoin sentiment gauge to “track and analyze chatter about bitcoin” on social media, to help crypto traders. This morning, BTC was trading at $9,182.
|11:30 GMT||GBP: Budget Report|
|12:30 GMT||USD: Consumer Price Index|
|14:30 GMT||CAD: BoC Governor Speech|
|23:50 GMT||JPY: Monetary Policy Meeting|
For this week’s complete economic calendar, click here.