Trump releases revised travel ban

Yesterday’s markets

8th March 2017

  • CAD - Trade Balance: 0.8B
  • NZD - GDT Price Index: -6.3%
  • CNY - Trade Balance: -60B

US Politics continues to dominate headlines lately and for all the wrong reasons. This time President Donald Trump has introduced a new and improved travel ban. This ban will restrict entry to the US from six predominately Muslim countries (Sudan, Syria, Yemen, Somalia, Iran and Libya). The enactment of the new order has been delayed until March 16 to avoid the chaos that ensued the first time this ban was announced.

Closer to home, the UK Halifax House Price index was released yesterday morning. The annual rate of growth in UK house prices has slowed to its lowest pace in three and a half years. House price inflation has now halved in just eleven months, as affordability helped slowdown prices. The average price of a house is now £219,949. 

Today’s markets

7th March 2017

  • GBP - Annual Budget Released
  • USD - ADP Non-Farm Employment Change
  • USD - Crude Oil Inventories
  • CNY - CPI y/y

The UK’s annual budget is released at lunchtime and will no doubt come under scrutiny.  With details of what Brexit will consist of still causing issues within parliament, the budget will take some attention away from this for a short period, as all will make their own decisions on the budgets impact. The announcement of the budget could cause further uncertainty for the Pound. The US will look to the private reading of the ADP employment figure hitting the wires, which could give insight into what is going to be seen for the NFP release on Friday.