Pound supported by positive Brexit headlines

Yesterday’s markets

7th November 2017

  • JPY - BOJ Gov Kuroda Speaks
  • EUR - Eurogroup Meetings
  • USD - FOMC Member Dudley Speaks

With little economic data released yesterday, the Pound was offered some support by positive Brexit headlines. The UK have signalled they would be willing to pay more than €60 billion as a divorce settlement.  The EU have signalled their officials would only need to see a written ‘single sentence’ indicating Britain’s acceptance of this. US Commerce Secretary, Wilbur Ross also announced yesterday, he hopes the US will become the number one trade with the UK after Brexit. However, he warned in doing so, the UK would need to scrap some of the EU rules, for instance chlorine-washed chicken.

Today’s markets

6th November 2017

  • AUD - RBA Rate Statement
  • CAD - BOC Gov Poloz Speaks
  • USD - Fed Chair Yellen Speaks

ECB President, Mario Draghi delivered the opening remarks at the ECB Forum on Banking Supervision in Frankfurt this morning. In his speech, he addressed the banks’ who have blamed the ECB’s negative rates for their poor profitability. Draghi called on them to cut their costs rather than blame the ECB. The speech saw the Euro decline slightly against its major counterparties.

Across the pond, the US will release the JOLTS Job Openings report today, expected to post 5.98m. FOMC member, Randal Quarles will be speaking at the Clearing House Annual Conference whilst Fed Chair Janet Yellen will be delivering the acceptance remarks at the presentation of Paul H Douglas Award for Ethics in Government. Today will end with the Bank of Canada Governor, Stephen Poloz, speaking about the ability to understand inflation at an event in Montreal.