The Pound continues to slide and oil breaks $50
- EUR German ZEW Economic Sentiment: 6.2
- EUR ZEW Economic Sentiment: 12.3
- GBP MPC Member Saunders Speaks
The Pound slid again for its fourth consecutive day yesterday. The triggering of Article 50 is just around the corner and once invoked will begin the Brexit process. This week, Prime Minister Theresa May faces a legal challenge in London, where the PM will attempt to maintain the power to invoke the mechanism without holding a vote in parliament first.
In other news, confusion over Russia’s energy production stance has caused investors to push the price of oil higher. Russian President, Vladimir Putin said his country are ready to join OPEC in limiting oil production. The news sent oil trading higher, reaching a 15 month high of $51.48.
- GBP MPC Member Cunliffe Speaks
- USD FOMC Member Dudley Speaks
- USD FOMC Member George Speaks
- USD JOLTS Job Openings
- USD FOMC Meeting Minutes
- CNY Trade Balance
The focus of the day will be on the US as the Fed minutes are released early this evening. All will be looking to decipher whether December is when the Fed are likely to raise rates, as November is virtually off the table. This could see further pressure placed on Sterling if the minutes do reinforce that a rate hike is indeed coming by the end of the year. Also, further labour data from the States will be seen as the Jolts Job Openings figure is released.