Good morning
It was another fairly quiet day in the currency markets yesterday. We saw a slightly weaker USD which took GBPUSD and EURUSD to 1.2570 and 1.0805 respectively. JPY also weakened, USDJPY broke above that 156.00 level I mentioned yesterday that had capped since the ‘intervention’ in early May, reaching a high this morning of 156.50 which in turn has taken GBPJPY up to 196.55. Both GBPUSD and EURUSD are just a touch lower than yesterday’s highs, now 1.2555 and 1.0785 respectively.
UK unemployment this morning was broadly in line with expectations and has had little lasting impact on the markets. GBPEUR has made something of an attempt at a recovery, now 1.1645 after seeing a low of 1.1600 last week.
After the weaker US employment numbers last week, attention will turn to the release of the US CPI inflation tomorrow. While this is certainly the key release this week, eyes will also be on today’s PPI numbers out of the US just in case we get something of a surprise either way.
Last night saw Aston Villa stage a decent comeback from 3-1 down to draw 3-3 with Liverpool. Villa are likely to hold onto fourth spot, although it is mathematical for Spurs to overtake them. Mind you, Spurs will need to beat a somewhat buoyant Man City side this evening to stand any chance of getting that Champions League spot. Not sure I fancy their chances with that. Of course, while the title will not be decided this evening, anything other than a win for Man City will put Arsenal in the driving seat heading into the last match of the season at the weekend. Everything still to play for.
I’ve been having some painting done around the house, one of the joys of wooden framed windows is they do need fairly regular care and attention. The last few days have been superb but I fear I’m going to have the decorators doing their stuff inside today as the weather gods have decided we’ve had more than our fair share of sunshine and have chosen instead to provide us with more rain. Indeed, looking ahead as I do to the forecast over the next couple of weeks, there is a raindrop showing on almost every day until the last week in May. I have a golf weekend at the very end of May, it’s a difficult enough game when the weather is good, I’m not greedy, I’m not asking for sunshine, just keep it dry!
As you can tell there is very little in the way of important market news so to avoid the risk of me just rambling on about nothing in particular you’ll be pleased to hear that I’m going to leave it there.
Have a great day.
- 08.30 BoEs Pill speaks
- 10.00 German ZEW
- 13.30 US PPI
- 14.10 Feds Cook speaks
- 15.00 Feds Powell speaks
- 02.30 AUS wage price index
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