Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team or visit to find out more.

Sterling continues to surge higher

Today's markets

  • USD - Core Retail Sales m/m: 0.2%
  • USD - Retail Sales m/m: -0.2%
  • USD - Prelim UoM Consumer Sentiment: 95.3

Another big move for the Pound today. GBP was up over a percent against the Euro and Dollar this morning. The surge higher came after a usually dovish BoE member called Gertjan Vlieghe said that he may support raising interest rates in the near future. The flip puts Vlieghe in the hawk camp with Carney and strengthens the chances of a hike as early as the next meeting in November.

Also in the UK, police declared a terrorist incident following a suspected explosion on London’s underground train network (Parsons green). In Asia, North Korea fired an intermedia range missile that passed over Japan before crashing into the Pacific after travelling enough to put the US territory of Guam in range.

Next week

  • EUR - Final CPI y/y
  • USD - Building Permits
  • GBP - Retail Sales m/m

Another big week next week in terms of economic releases. Monday sees the release of Eurozone CPI, Tuesday we have US building permits. Arguably the biggest day of the week; Wednesday sees UK retail sales and the FOMC press conference and rate decision, finally we finish the week with US jobless claims Thursday and Eurozone Services PMI Friday.