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- Interest rate trends remained negative for the UK currency on Thursday as gilt yields were broadly stable.
- As expected, the ECB left interest rates on hold following the latest Governing Council meeting with the main refi rate held at 0.0%.
- US jobless claims rose to 242,000 in the latest week from 223,000 previously, but still indicated a very strong labour market.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- Sterling remained under pressure ahead of the US open as underlying yield spreads remained negative for the UK currency.
- The Euro was unable to gain any traction in European trading on Wednesday, although there was some slight easing of concerns surrounding the French Presidential election.
- The US ADP employment report was much stronger than expected with an increase in private-sector jobs of 298,000 for February.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- The Halifax house-price index rose 0.1% in February after a 1.1% decline the previous month.
- The Euro was unable to make any headway on Tuesday with resistance just above the 1.0600 level.
- The US goods and services trade deficit increased to $48.5bn for January from $44.3bn the previous month.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- The UK construction PMI index was slightly stronger than expected with a small increase to 52.5 from 52.2 the previous month.
- Provisionally, Euro-zone consumer inflation rose to 2.0% for February from 1.8% and was in line with expectations.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- US jobless claims declined to 223,000 in the latest week from a revised 242,000 previously.
- The UK PMI manufacturing index was lower than expected with a decline to 54.6 for February.
- Dollar gains dominated the European morning on Wednesday after Fed Dudley’s hawkish comments overnight.
- US PCE prices rose 0.4% for January with an annual rate at 1.9% from 1.6% and close to the Fed’s 2% target.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- In testimony to the Treasury Select Committee, new Monetary Policy Committee (MPC) member Hogg stayed close to the bank’s recent script.
- The Euro traded in narrow ranges during the European session on Tuesday.
- US fourth-quarter GDP was unrevised at 1.9% compared with expectations of an upward revision to 2.1%.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- Sterling remained under pressure in early European trading on Monday.
- The latest Euro-zone money supply growth data was in line with consensus expectations.
- The headline US durable goods orders report was stronger than expected with a 1.8% increase for January.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- For the second month running, UK retail sales data was notably weaker than expected with a 0.3% decline in volumes.
- The seasonally-adjusted Euro-zone current account increased to EUR31.0bn for December from EUR28.3bn the previous month.
- The latest CFTC weekly data recorded a decline in the net long dollar position to the lowest level since October.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- Sterling maintained a solid tone against the dollar ahead of the US open on Thursday, but continued to hit resistance above the 1.2500 level.
- ECB minutes from January’s meeting confirmed that the central bank would look through increases in inflation triggered solely by a surge in energy prices.
- The US data remained robust with initial jobless claims increasing only slightly to 239,000 in the latest week.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- UK consumer prices declined 0.5% in January.
- Euro-zone GDP growth was revised down to 0.4% in the updated flash Q4 reading from the provisional 0.5%.
- The US NFIB small-business confidence index edged higher to 105.9 for February from 105.8 previously.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- Sterling was unable to make any headway against the dollar during the European session on Monday, but it was able to strengthen against the Euro.
- The EU Commission revised its 2017 Euro-zone GDP growth forecast marginally higher to 1.6% from 1.5% previously.
- According to the New York Federal Reserve, one-year inflation expectations rose to 3.0% in the latest survey from 2.8% previously.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- There was a slightly stronger than expected reading for Italian industrial production, although there was no significant market reaction.
- The US University of Michigan consumer confidence index declined to 95.7 for February from 98.5 previously.
- Morning Market Rates: (Please note: These are indication prices only, they are not offer rates)
- UK industrial production was much stronger than expected with a 1.1% increase for December.