UK Manufacturing PMI posts better than expected
- JPY - BOJ Press Conference
- CAD - GDP m/m
- JPY - Monetary Policy Statement
The Pound boosted yesterday as the EU’s Chief Negotiator, Michael Barnier, announced he will work with the UK to set up a new round of talks, to help the discussion progress before the next EU summit in December. Barnier mentioned he is ‘ready to speed up the negotiations’. David Davis, the UK negotiator, however has blamed Barnier for holding up the process, mentioning he invited him for a meeting but Barnier declined.
- GBP - Manufacturing PMI
- USD - ADP Non-Farm Employment Change
- USD - Crude Oil Inventories
The UK Manufacturing PMI posted better than expected at 56.3, providing the UK with a positive start to the final quarter of 2017. The bullish data was helped by the rise of production and new order volumes as companies benefited from strong domestic market conditions. The Pound boosted on the release, as it provides further support for a rate hike by the Bank of England tomorrow.
Across the pond, ADP Non-Farm Employment Change posted better than expected at 235k, indicating that Non-Farm Payroll, which is released on Friday, could bounce back from last month’s bearish -33k. Non-Farm Payroll is expected to post a bullish 311k.
The FOMC will be releasing their statement and rate decision this evening. The markets aren’t expecting the Fed to raise rates this month, so the focus will be on Fed Chair Janet Yellen as she delivers the statement. The markets will be hoping the Fed will be sticking to their plan of raising rates three times this year, meaning a hike will be on the horizon in December.