Quiet yesterday for sterling with only the CBI Business Confidence Indicator released from the UK. This showed that industrial confidence had fallen to the lowest level in the UK since July last year. Today again scarce in terms of any meaningful economic data with all focus on tomorrows preliminary GDP figures at 9.30.
The Prime Minister showing signs yesterday that her government would not start negotiating plans for a transitional deal with the EU, until talks on a trade deal begin too.
Theresa May: “an implementation period is about a period which is adjusting to the future relationship. That’s the basis on which I put it forward to the European Union, and that’s the basis on which we’ll be negotiating an agreement on it.”
Not much happening on the Dollar front just now, therefore very little movement in the currency markets. Some data out from the states later today however it’s unlikely to have much of an effect.
Very quiet day for the Euro yesterday and another one seems likely today. Services data lower as expected this morning but better numbers from the Manufacturing PMI; sending EUR trading 0.23% higher vs GBP.
As things stand all eyes are on Thursday and the ECB meeting; which is likely to liven things up for the single currency and the wider markets.
Roll on Thursday.