The OECD this week cut its global growth forecasts on geo-political uncertainty, ongoing trade tensions and slowing growth.
In Europe, the ECB yesterday kept policy on hold, but revised down its growth forecasts, and announced further refinancing operations as the economy continues to slow.
In the US, we continue to await further developments on the trade negotiations with China. The focus today however, is on the jobs market data due out at 1.30pm.
Whilst in the UK, we have a huge week ahead for Brexit, with the parliamentary vote on the prime minister’s plan being held Tuesday. If her plan is again rejected, there will be further votes on whether to leave with no deal, or to delay Brexit.
On the exchanges, there continues to be a lack of real conviction with uncertainty remaining so high.
GBP/USD, having hit 1.3350 last week has dropped towards 1.3100. Strong buying interest remains at 1.3000 for now.
GBP/EUR remains underpinned, with the Euro weakening on the back of yesterday’s rather dovish ECB meeting.
|12/3/19||UK Trade Balance||£3229m||-£3442m|
|12/3/19||UK Industrial Prod. YoY||-0.9%||-1.4%|
|12/3/19||UK Manufacturing Prod. YoY||-2.1%||-2.1%|
|12/3/19||UK Construction Output SA YoY||-2.4%||-0.7%|
|12/3/19||UK GDP MoM||-0.4%||0.1%|
|12/3/19||US CPI YoY||1.6%||1.6%|
|15/3/19||EU CPI YoY||1.4%||1.5%|
|Indices||Previous Close||YTD % Change|
|DFM GENERAL INDEX||2594||+2.52%|
UK Benchmark Rates
|3 month||0.84313%||2 year||1.07%|
|6 month||0.98575%||3 year||1.13%|
|12 month||1.12475%||5 year||1.22%|
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