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Sterling holds steady on this uncertain path

  • CAD - Building Permits m/m: -0.1%
  • USD - JOLTS Job Openings: 5.52M

The Pound came under pressure again yesterday as the comments made by Prime Minister Theresa May were still being digested by the markets.  As the day passed Sterling did make gains against its major peers, with gains of over a cent seen against the Euro after hitting a low of near months early yesterday morning.  The bottom line is that nothing has actually yet changed for the UK; no action has been taken and the High Court judgement is still to be announced. No doubt however, once announced, the judgement will cause volatility for the Pound on the decision they pass.

  • GBP - Manufacturing Production m/m
  • GBP - BOE Gov Carney Speaks
  • USD - Crude Oil Inventories
  • USD - President-Elect Trump Speaks

Today’s focus remains on the UK. This morning markets look to possibly good monthly figures anticipated to be seen for the manufacturing and industrial production sectors, for the month of December.  Already seen from the manufacturing PMI last week was pace at its fastest in 30 months, today's activity for December is also due to show activity up to 0.6% from the disappointing negative 0.9% in November.  At the same time, industrial production for the final month of 2016 is also expected to show a big increase to 0.8%, and would bode well for the UK economy despite the pre Brexit warnings. 

This afternoon, the Bank of England Governor Mark Carney, is due to testify to the Parliament’s Treasury Committee in London.  Any indications Mark Carney may give on the monetary policy actions which may be taken next will no doubt have implications for the Pound, as markets will react to any comments he may make.

Have a good day.