Last Week
GBP:

• G7 summit saw Boris Johnson more optimistic about a potential agreement with the EU.
• The Pound railed after Jeremy Corbyn’s talks with opposition about legislation to prevent a no-deal Brexit and an extension of the current deadline.
• The Queen gave the green light to Boris Johnson for Parliament suspension, causing Sterling’s gains to be reversed.
• Parliament suspension saw Sterling jump to its highest level since December 2018.

USD

• Trade tensions continue to escalate between the US and China. Both nations want to raise tariffs against each other which saw the dollar fall.
• The Dollar recovered later during the week when both parties spoke about the ongoing trade situation hoping for more favourable conditions.
• On Friday, Trump confirmed that a meeting on trade between the US and China is still scheduled for September.

Week Ahead
GBP:

• Inflation report hearings
• MPs return to parliament and are looking to put forward a legislation to prevent a no-deal Brexit

USD

• Manufacturing PMI
• Average hourly earnings m/m
• Non-farm employment change
• Unemployment rate
• FED Chair Powell Speaks