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The day has arrived; May to trigger Article 50

  • USD - CB Consumer Confidence: 125.6
  • CAD - BOC Gov Poloz Speaks
  • USD - FOMC Member Kaplan Speaks

US President Donald Trump finally moved on from the Healthcare bill debacle. Trump is forecast to sign an executive order that will begin the process of unwinding a raft of directives to combat climate change.  Although this is big political news, markets are more focused on Trump’s plans to cut taxes. However, with the failure of the healthcare bill, optimism on Trump’s plans are fading. The Greenback remained fragile throughout the day yesterday.

The economic docket had one piece of high tier data released yesterday. The US released their CB consumer confidence in the afternoon as markets gained an insight into the financial confidence of the US consumer. The figure exceeded expectations of 113.9, registering a whopping 125, its highest reading since 2001. The news gave the Dollar a slight boost yesterday afternoon. 

  • USD - Crude Oil Inventories
  • GBP - Net Lending to Individuals m/m
  • USD - Pending Home Sales m/m

Today is the biggest day of the week as the UK officially trigger Article 50. Downing Street stated that Prime Minister Theresa May’s letter to the European Council would start the process, adding that it hoped negotiations on the terms of exit and future relations could then begin as quickly as possible. According to an EU spokesman, the EU is “ready and waiting” for the letter. Across the pond, the US release their pending home sales, forecast to bounce back to 2.3%.