Yesterday’s Market Movers
- The first piece of data from the UK yesterday was the UK claimant count figure which came out the same as expected and as previous, this figure seemed to have little effect on the pound across the board.
- The UK also had the ILO Unemployment rate which came out slightly better than expected than previous, this is the first time unemployment has dropped since October last year but still had little effect on the market. Even with this mix bag of data from the UK the pound dropped to a 5 and a half month low against the euro yesterday, as it seems that the BOE are going to be the last to raise interest rates.
- From the Euro Zone yesterday we had Industrial production figures YoY and MoM, these both came out better than expected and previous. This figure helped the euro stay strong against all of its major counterparts.
- Retail sales from the US yesterday came out better than expected and than previous. When this figure came out the dollar weakened slightly against the euro USD/EUR and the pound USD/GBP, due to risk appetite from investors.
Today’s Market Movers
- The first piece of data out today from the US is producer price index YoY, this figure is expected to come out better than previous. This figure is used as an indicator for commodity inflation, and with this coming out higher it just leaves more food for thought when the FED have their rate hike decision.
- The second piece of data out from the USA today is Initial Jobless Claims expected slightly lower than previous meaning that less people are making jobless claims. This is another good figure for the US economy and could lead to more risk appetite in the markets.