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Good morning,
GBP rates to most other major currencies are tracking broadly sideways. That is except the Chinese Yuan which has started the day poorly with much worse than expected import and export data out from China in the early hours. Imports wise analysts were expecting year on year contraction of -6%. However the actual number was -10.6%. Exports showed a contraction of -8.7% whilst the prediction was -3.5%. This could be an indication of the much prophesised global slowdown.
UK property prices continue to come off the boil also with the Halifax announcing year on year house price growth of 4.7%. Previously the number had been keeping pace with inflation in double digits. However expecting that type of growth over the longer term might have been seen as unrealistic.
Todays scheduled news centres on the European GDP number later this morning. Analysts are expecting quarter on quarter growth of 0.2%. This will be closely watched as that number is very close to a contraction number rather than growth.
Other than that it's European employment numbers, the Canadian interest rate decision and Japanese GDP numbers out later tonight. Early tomorrow sees the RICS housing price balance and for anyone interested in the Australian Dollar there's also the Australian trade balance out early doors.
Todays business news is much of the same rhetoric as we've been used to. An interesting point is an independent watchdog is suggesting retailers react quickly to hike petrol prices when the price of oil changes, but are much slower to react to drop prices back down when the oil price normalises. Fair to say we don't think it needed an independent watchdog to tell us that....
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Today’s Economic Calendar
EUR: 10:00 GDP Numbers
EUR: 10:00 Employment Change
CAN: 15:00 BoC Interest Rate Decision
JPN: 23:50 GDP Numbers
UK: Thursday 00:01 RICS Housing Price Balance
AUS: Thursday 00:30 Trade Balance
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As ever we look forward to keeping you in the loop and look out for our next update.
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