Daily Spectrum FX Report

Daily Spectrum FX Report

  • GBP: Lack of data leaves GBP moving in response to external factors
  • EUR: Lagarde in focus at the forum on Central Banking
  • USD: Consumer confidence in the spotlight this afternoon

Sterling

Like yesterday there is no data of note being released from the UK today. This led to it being a quieter day for sterling, which remained rangebound and moving as a consequence of external factors. The key event this week for sterling remains the Central Banking Forum tomorrow, where Bailey is due to speak, and GDP figures being released Thursday.

Euro

Like sterling, there was a lack of data from the EU yesterday and today follows suit. Lagarde is due to speak this morning at the ECB’s Central Banking forum, and the markets will clamor for any forward guidance. Tomorrow this forum will re-enter the spotlight, again focus will be on remarks by central bankers, with Lagarde expected to take the spotlight. Tomorrow is an Italian bank holiday, with CPI data being released from Germany and Spain in the morning.

USD

Durable goods orders were released from the US yesterday afternoon, which came out above expectations. This marginally strengthened in response, however stayed predominantly rangebound yesterday. Consumer confidence is released in the US this afternoon and is the most important piece of data being released today. A slide in financial confidence could weigh on the dollar, as it will reduce expectations for an interest rate rise. In today’s G7 meeting a price cap on Russian oil could be proposed. As the oil price is denominated in dollars, any progress in this space would be more likely to impact the dollar. Like with the UK and EU, the focus tomorrow will be on the ECB’s forum on Central Banking, along with GDP figures released tomorrow afternoon.

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