Greenback continues its rampage against the Pound
- GBP - Services PMI: 53.6
- USD - ADP Non-Farm Employment Change: 135K
- USD - ECB President Draghi Speaks
The Greenback continued to make ground against the Sterling after two pieces of bullish data releases. Firstly, ADP Non-Farm Employment Change figure expected at 131K, posted a slightly better at 135K and then the ISM Non-Manufacturing PMI figure expected at 55.3 also managing to exceed market consensus at 59.8. The decent postings have added further fuel to the fire for the FOMC to raise rates this year.
- CAD - Trade Balance
- USD - Unemployment Claims
- USD - Factory Orders m/m
The only notable high tier data released today is the US unemployment claims forecasted at 266K, however there may still be potential volatility as there are several FOMC members speaking throughout the day. With President Trump announcing the new Federal Reserve leader some point this week it will be interesting to see what is said by each member.
In the UK, Sterling took a tumble this morning dropping 0.5% due to a delayed reaction to yesterday’s public appearance from Theresa May, which was dubbed “The Speech that went wrong”. Fresh news this morning speculating that Theresa May could face a leadership rebellion within her own party has caused further uncertainty and unrest surrounding Britain’s and Brexit’s future direction.