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Sterling falters after Supreme Court ruling

  • GBP - EU Membership Court Ruling
  • AUD - CPI q/q: 0.5%
  • AUD - Trimmed Mean CPI q/q: 0.4%

The UK Supreme Court ruling was the main market driver yesterday. The Pound declined by approximately 0.5% as the decision was announced. However, many economists still believe this figure will increase. The ruling stated that the UK government must consult Parliament on triggering Article 50 of the Lisbon Treaty. The Supreme Court ruled 8-3 on the Brexit parliamentary vote. The leader of the Labour party Jeremy Corbyn, stated shortly after the ruling that the Labour party will not frustrate the triggering of Article 50.

In other news, the Eurozone released a raft of PMI data early yesterday morning. Manufacturing and Services PMI helped boost confidence in the Eurozone as both figures exceeded market expectations, with services PMI posting a five-month high of 53.9. Across the pond, the US released their Existing Home Sales which failed to meet expectations, registering a poor 5.49M. Meanwhile, President Trump announced that he will cut taxes and regulation in the secondary sector.

  • EUR - German Ifo Business Climate
  • USD - Crude Oil Inventories
  • NZD - CPI q/q

A slower day is expected today with focus on Germany’s Ifo Business Climate hitting the wires in the morning.  Markets will look to see if confidence remains at the 111 mark with all the uncertainty around the Euro at present.  The US Oil Inventories are to be posted this afternoon which will give an insight into US growth over the past week.

Have a good day.