US President Donald Trump continues to dominate the headlines during his first week in office. Earlier in the week Trump took steps to advance construction of the Keystone XL and Dakota Access oil pipelines. Yesterday, he unveiled plans for a border wall between the US and Mexico. Trump continued his stance that Mexico will foot the bill for the wall. However, Mexican President Enrique Pena Nieto last night addressed the country saying that “Mexico does not believe in walls” and that the country will not pay.
In the UK, Prime Minister Theresa May helped stabilise the Pound. May announced that she will publish her plan for negotiations to leave the European Union, helping to remove some of the uncertainty surrounding the UK’s position within the EU. Sterling has gone from strength to strength after May promised lawmakers a vote on the final deal for exiting the EU.
The first reading of the UK’s Q4 GDP is due to show economic growth stood at 0.5% for the end of 2016. A figure out different to this could cause volatility for the Pound, as no doubt the uncertainty of Brexit would have been a key factor for businesses at the end of last year. Across the pond, the US weekly Unemployment Claims hit the wires today, followed by the Services PMI and their New Home Sales figures. Although not market moving data it will give a good insight into their overall economy.
Have a good day.