Known Dove joins the Bank of England

Yesterday’s markets

28th July 2017

  • USD - Core Durable Goods Orders m/m: 0.2%
  • USD - Unemployment Claims: 244K
  • USD - Durable Goods Orders m/m: 6.5%

Sir Dave Ramsden was appointed yesterday by Bank of England Governor, Mark Carney, to serve as one of the central bank’s most senior policymakers. As of Monday 4th September, Ramsden will be the Bank of England's Deputy Governor. Ramsden will be aiding the BoE as it steers the financial system through the political negotiations to leave the EU. Sterling depreciated after the announcement as Ramsden is known to be dovish, which has led markets to believe a rate rise could be delayed.

Across the pond, US Durable Goods posted a better than expected 6.5%, up from -0.8% last month. The gain was helped by an increase in the demand for civilian aircraft. However, the demand for aircraft greatly varies each month, so also released was the Core Durable Goods Order, which excludes transportation equipment and gives markets a more accurate reading of the current trend. The Core Durable Goods order increased by 0.2% from last month. The Greenback regained some of the losses from Wednesday as a result.

Today’s markets

27th July 2017

  • CAD - GDP m/m
  • USD - Advance GDP q/q
  • USD - FOMC Member Kashkari Speaks 

Friday will be another busy day, with data releases from the Eurozone and US. The day will start with the release of prelim and flash CPIs from France, Germany and Spain, with Spain also releasing their flash GDP.

Across the pond, the US will be releasing their advance GDP figure, expected to grow to 2.5%. This is the first reading of the GDP for the second quarter so the markets will be watching closely. Also released from the US is the Employment Cost Index, revised UoM Consumer Sentiment and FOMC member Kashkari will be speaking.