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The Pound Improves with May’s Brexit Speech

The Pound Improves with May’s Brexit Speech

January 18th, 2017

After spending 6 months at Downing Street, British Prime Minister, Theresa May has finally provided some clarity about her Brexit wish list. Although she continues to hold her negotiating cards quite close to her chest, she’s unveiled some of the details that the market has craved since the June vote. Ms. May managed to soothe financial markets by stating that Brexit would be voted on by both houses of the Parliament and that she would avoid a “cliff-edge” scenario. The speech immediately raised the Pound’s value across the board. The global economic calendar overflows with economic releases today. In the UK, the just out data showed that Britain’s jobless rate held steady during the three months ended November. Meanwhile, German consumer prices sharply accelerated in December. Later today in the US, the Federal Reserve’s (Fed) Beige book and the Fed Chairwoman, Janet Yellen’s speech will grab attention.

  • Cyprus Peace Talks
    January 16th, 2017

    Cyprus Peace Talks

    The Geneva UN-led talks is a historic event and the last chance for the island of Cyprus to be reunited.

  • The Trump Files: From the Russian Dossier to the FBI’s Investigation
    January 13th, 2017

    The Trump Files: From the Russian Dossier to the FBI’s Investigation

    The US election and the presence of Trump in the political arena have been immensely influenced by the idea of information and the dissemination of what is considered by many “fake news” or lies.

  • Russian Dossier Reveals Trump’s Russian Contacts and Alleged Sexual Perversions
    January 13th, 2017

    Russian Dossier Reveals Trump’s Russian Contacts and Alleged Sexual Perversions

    President-elect Donald Trump has called it “FAKE NEWS – A TOTAL POLITICAL WITCH HUNT!”, but the internet is on fire after news website BuzzFeed released “unverified and potentially unverifiable” information of Trump’s alleged connections to Russia and other claims of a more private nature.

  • Theresa May Celebrates 6 Months in Office Today
    January 13th, 2017

    Theresa May Celebrates 6 Months in Office Today

    Today, the British Prime Minister (PM), Theresa May completes her first six months at 10 Downing Street. She was brought into power because of Brexit which has been the defining term of her premiership so far. The British PM is scheduled to deliver her long-awaited Brexit speech next Tuesday. This will be closely analyzed all across the globe to find out how Theresa May sees Britain’s future outside the European Union (EU). Today, the UK economic docket features the Bank of England’s (BoE) credit conditions survey report. In the Eurozone, data showed that German wholesale prices registered its strongest annual increase since October 2012. Later in the day, the US economic calendar features release of retail sales, producer price index and preliminary reading of the Reuters/Michigan consumer sentiment index.

  • Dollar Dives After Trump’s Speech
    January 12th, 2017

    Dollar Dives After Trump’s Speech

    Today’s another busy day for global economy watchers who are still digesting President-elect Donald Trump’s response to newly released reports regarding his connections with Russia. Today the Eurozone’s industrial production data for November stands front and centre for data releases. Also, the European Central Bank’s (ECB) December meeting minutes is also due later today and will make an interesting read. The US economic calendar is jam packed with economic data points as the nation’s import and export price index, weekly jobless claims and the monthly budget statement are waiting to cross the wires later in the day. Moreover, planned appearances by a slew of Federal Reserve (Fed) officials is expected to keep market participants in active mode today. Away from all this hustle and bustle, the British economic calendar wears a deserted look today, probably taking a breather after witnessing a deluge of economic data yesterday.

  • Donald Trump’s First News Conference Today
    January 11th, 2017

    Donald Trump’s First News Conference Today

    Today global economy watchers eagerly look forward to the President-elect Donald Trump’s first speech since his election at his news conference at Trump Tower in New York. Market participants are hoping for details about his policies on tax, fiscal spending and international trade. On the data front, the sole release scheduled in the US today is the weekly mortgage applications figures. The British economy will find itself under a microscope today as a string of economic data points slowly cross the wires. The just-out data showed that UK’s industrial production surpassed investor expectations in November. Later today, the NIESR will release UK’s Q4 GDP estimate. Additionally, the Bank of England (BoE) Governor, Mark Carney is set to testify in front of his fiercest critics, the British Parliament’s Treasury Select Committee.

  • British Retail Sales Had Robust Christmas Growth
    January 10th, 2017

    British Retail Sales Had Robust Christmas Growth

    The global economic calendar was off to a slow start today, with only a couple of economic releases having crossed the wires so far. Data showed that UK’s British retail sales picked up speed in December, boosted by a last-minute dash for Christmas gifts and festive foods. In the Eurozone, French industrial output strongly rebounded in November after witnessing two months of contraction. Later today, the economic calendar will gather pace amid data releases from across the Atlantic. The US JOLTS job openings and wholesale inventories along with the IBD/TIPP economic optimism and NFIB business optimism index are up for release.

  • Pound Drops after Theresa May’s Hard Brexit Statement
    January 10th, 2017

    Pound Drops after Theresa May’s Hard Brexit Statement

    The Tory minister, Justine Greening, might have mistaken Article 50 for “Article 52” during her interview on The Andrew Marr Show (BBC One), but such a gaffe hasn’t gone unnoticed, particularly, after Theresa May’s Sky interview with Sophy Ridge on Sunday, which did nothing to calm Brexit uncertainty and fears.

  • Brexit Fears Punish The Pound
    January 09th, 2017

    Brexit Fears Punish The Pound

    The Pound is under the hammer at the start of the new week after the British Prime Minister, Theresa May stated that she’d prioritise keeping control of immigration in the hands of her government over favoring access to the European Union’s single market once UK leaves the bloc. On the data front, the just out Halifax house price index showed that British house prices rose at the fastest pace in nine months in December. In the Eurozone, January reading of the Sentix investor confidence index accelerated to its highest level since August 2015. Meanwhile in Germany, trade surplus widened and industrial production advanced for the second consecutive month in November. Across the Atlantic, the Federal Reserve (Fed) is set to publish December figures for its US labour market conditions index, which will be widely read in the wake of Friday’s softer than expected rise in nonfarm payrolls.

  • What Shocks Does the New Year Hold for the Pound and the Euro?
    January 09th, 2017

    What Shocks Does the New Year Hold for the Pound and the Euro?

    In the UK, Brexit uncertainty has, and will, continue to weight on the Pound. In the Eurozone, a series of elections in France, Germany and the Netherlands will impact on the Euro. These elections could have profound effects on European politics and the economy, and will act as a barometer of anti-EU sentiment. This is due to the increasing popularity of far-right populist parties which have been advocating withdrawal from the EU, while building an agenda tainted with hatred against immigrants.

  • It’s the US Nonfarm Payrolls Day!
    January 06th, 2017

    It’s the US Nonfarm Payrolls Day!

    The US nonfarm payrolls report for December remains the key event today. The Federal Reserve continues to monitor the health of the US labour market to determine the timing of the next interest rate rise. Apart from this, the nation’s trade balance and durable goods orders data are also up for release later in the day. The British economic calendar sports a deserted look today. In the Euro zone, data showed that German retail sales fell more than expected in November. Going ahead, the Euro zone’s retail sales, business climate and consumer confidence data are up for release in a few hours.

  • UK services PMI a pleasant December surprise
    January 05th, 2017

    UK services PMI a pleasant December surprise

    Today’s a busy day for global economic investors. The just released data showed that UK’s Markit services purchasing managers’ index (PMI) surprisingly advanced in December, in line with recent upbeat data releases. Moving ahead in the day, Eurozone’s producer price index along with the European Central Bank’s (ECB) monetary policy meeting accounts is due for release in a few hours. Investors will pay attention to the ECB’s meeting accounts for any further cues on the central bank’s extension of its asset-purchasing programme. Across the Atlantic, market participants will eye ISM non-manufacturing PMI and the Markit services PMI along with the ADP employment change and weekly jobless claims data for further direction.

  • FOMC Minutes in the Limelight Today
    January 04th, 2017

    FOMC Minutes in the Limelight Today

    The main economic event of the day is the Federal Open Market Committee’s (FOMC) meeting minutes from the December policy meeting, which saw the Federal Reserve (Fed) raising interest rates by 25 basis points for the first time in 2016. It will be interesting to see if the minutes provide any further details about the central bank’s outlook as newly-elected President, Donald Trump takes office. The US economic data docket also features the release of ADP employment change and MBA mortgage applications. The fresh data out of the UK showed that construction output handily surpassed market consensus in December while the nation’s consumer credit rose to an 11-year high in November. In the Euro zone, private sector registered its fastest growth since May 2011 in the last month while Germany’s Markit final services PMI expanded at a faster pace than previously estimated in December.

  • A Good Start to the New Year
    January 03rd, 2017

    A Good Start to the New Year

    A series of manufacturing reports from across the globe have kicked off the New Year. The fresh data out of the UK showed a surprise expansion in the nation’s manufacturing activity in December. Moving ahead in the day, traders will keep an eye on two manufacturing surveys from the US i.e. the Markit manufacturing and ISM manufacturing PMI along with construction spending data for further cues. Yesterday, data released in the Euro zone indicated that the region’s manufacturing sector growth recorded its strongest reading since April 2011, on the back of quicker growth in orders and production. Additionally, the final Markit manufacturing PMI expanded more than previous estimate in December, hitting its highest level in 35 months. Moreover, French manufacturing production advanced at its quickest pace since May 2011.

  • UK house prices advanced in December
    December 29th, 2016

    UK house prices advanced in December

    Among today’s releases, UK’s building society Nationwide, in its latest survey, reported that house price growth edged up in December from last month, surpassing market expectations. However, the report indicated that house prices in the UK will increase at a slower rate in 2017 amid ongoing uncertainty over economic conditions and price growth will depend upon further developments in the nation’s economy. Meanwhile, it restated that house prices will probably rise by around 2% in 2017. Moving ahead, investor will focus on the US goods trade balance data for November and number of people applying for jobless benefits, both due to release in a few hours.

  • UK’s BBA mortgage approvals
    December 28th, 2016

    UK’s BBA mortgage approvals

    The global economic calendar is relatively light for the final week of 2016 amid thin trading volumes ahead of the New Year holidays. The UK docket consists of only two important releases this week, namely the British Bankers’ Association (BBA) mortgage approvals for November and Nationwide housing prices for this month. Among the major data reported in the Eurozone today, Italy’s consumer and business confidence, the first official sentiment update since the constitutional referendum, surprisingly advanced in December, thus brightening the mood in both the sectors at the year-end. Across the Atlantic, US pending home sales figures for November due to publish later in the day will provide further insights about the nation’s residential market.

  • UK Economy Grows More Than Forecast in Q3
    December 23rd, 2016

    UK Economy Grows More Than Forecast in Q3

    The just released data showed that UK’s final GDP growth for July-September quarter was revised up from prior estimates, thus suggesting that the nation’s economy has remained robust in the aftermath of the Brexit vote. However, Britain’s current account deficit expanded in the third quarter compared to the last quarter, but came in lower than anticipated. The current account deficit now stands at 5.2% of GDP. Early today, Germany’s GfK consumer confidence index inched higher for the first month of 2017, at par with market expectations and compared to a reading of 9.8 in December. Later today, investors will focus today on a string of economic updates from the US, which includes the Michigan consumer sentiment index and new homes sales figures.

  • A busy economic calendar in the US today
    December 22nd, 2016

    A busy economic calendar in the US today

    The US economic calendar appears to be filled with a deluge of economic releases today. The US economic docket features the release of the revised estimate of annualised gross domestic product for the third quarter and durable goods orders data scheduled in a few hours. Additionally, US initial jobless claims, personal income and spending, along with CB leading indicator will grab investors’ attention. Separately, data released earlier in the session showed that confidence amongst UK consumers rose in December. Additionally, Germany’s annual import prices advanced for the first time in four years in November. Yesterday, data out from the Eurozone showed that the region’s consumer confidence advanced in December, hitting its highest level in 20 months.

  • UK’s Net Borrowing Hits £12.65bn in November
    December 21st, 2016

    UK’s Net Borrowing Hits £12.65bn in November

    In a light economic calendar day, globally, the just out data released by UK’s National Statistics Office revealed that public sector net borrowing rose more than market expectations in November. In other economic news, French producer price inflation rose in November, its third consecutive monthly advance. Additionally, Italian wage inflation registered a similar rise on a monthly basis in November, compared to its previous month. Moving ahead, the Eurozone’s consumer confidence index is lined up for release in a few hours. Across the Atlantic, market participants will keep a tab on existing home sales data and MBA mortgage applications for November. Meanwhile, investors will look forward to the UK’s GfK consumer confidence data for December scheduled for release overnight.

  • Lloyds Buys MBNA for £1.9bn, while European Markets Struggle after Berlin Terrorist Attack
    December 20th, 2016

    Lloyds Buys MBNA for £1.9bn, while European Markets Struggle after Berlin Terrorist Attack

    Unlike yesterday, there are quite a few economic releases lined up across the globe today. Starting with the Eurozone, data from the European Central Bank showed that the region’s current account surplus widened in October. Moving to Germany, the nation’s monthly producer price index (PPI) rose at a faster pace than expected in November, while the annual PPI rebounded for the first time in three and a half years. Going ahead in the day, UK’s economic docket features the release of the Confederation of British Industry distributive trades survey scheduled in a short while. The US economic calendar is data empty today. Yesterday, the Federal Reserve (Fed) Chairwoman, Janet Yellen, expressed confidence in US labour market and suggested a pick-up in wage growth.

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