Pound News: UK Housing Asking Prices Slump for First Time in 2019
At the start of the week, data from Rightmove revealed that UK house asking prices slumped for the first time in 2019 as buyers’ confidence was damaged by increased Brexit uncertainty.
Sterling was left under pressure as asking prices for residential properties advertised by Rightmove fell by -0.2% following a rise of 0.3% in June.
However, this morning Sterling could receive an upswing of support following the release of the UK average earnings and unemployment data. If wage growth rises by more than expected the Pound could gain.
Euro News: Single Currency Left Range Bound as Markets Price in Dovish ECB
On Monday, the single currency was left range bound against the US Dollar as markets priced in a dovish European Central Bank (ECB) next week. However, the Euro still climbed against the Pound.
Looking ahead to this morning, the multiple ZEW surveys could send the Euro lower if they show that German economic sentiment disappointed once again.
US Dollar News: New York Factories Return to Growth in July
On Monday, the US Dollar rose against Sterling as data showed that factories in New York returned to growth as the Empire State Manufacturing Index rebounded in July. The index rose to 4.3 in July from June’s -8.6.
The ‘Greenback’ was provided with an upswing of support as this was the largest turnaround in the index in around two years.
Looking ahead to this afternoon, USD could receive an upswing of support following the release of the US retail sales as long as consumer spending increased.
Canadian Dollar News: Oil Prices Edge up Following Better than Expected Chinese Data
At the start of this week’s session, the Canadian Dollar edged up against Sterling as oil prices rose slightly following better-than-expected Chinese retail sales and industrial output data.
However, these oil gains were capped as Chinese economic growth slowed to 6.2%, its weakest level since 1992.
Looking ahead, ‘Loonie’ gains could be limited ahead of Wednesday’s Bank of Canada (BoC) Consumer Price Index (CPI), but an uptick in inflation would be CAD-supportive.
Australian Dollar News: ‘Aussie’ Rises to a 10-Day High Thanks to Chinese Data
The Australian Dollar rose to 10-day high on Monday as Chinese industrial output rebounded in June following May’s 17-year low. Added to this, China’s annual retail sales jumped by 9.8%, providing further support to the ‘Aussie’.
However, the Chinese economy only expanded by 6.2% during the second quarter as US-China trade tensions mounted. This was the slowest growth in 27 years.
Concerns that the RBA may cut rates for a third time in 2019 also limited AUD demand.
Tuesday 16th July
09:30 GBP ILO Unemployment Rate
09:30 GBP Average Earnings
10:00 EUR German ZEW Survey – Economic Sentiment
10:00 EUR German ZEW Survey – Current Situation
10:00 EUR ZEW Survey – Economic Sentiment
13:00 GBP BoE Governor Carney Speech
13:30 USD Retail Sales
18:00 USD Fed Chair Powell Speech
Wednesday 17th July
13:30 CAD BoC Consumer Price Index Core
Foreign Exchange Manager