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Market Watch

The Marketplace 23rd June 2017
23/06/2017
The EU leaders’ summit continues into the second day, following PM May’s departure yesterday after she outlined her approach to EU citizens’ rights. In the meantime, the government’s discussions in forming an alliance with the DUP are still ongoing, while the Queen’s Speech will be debated over the coming days, with a vote expected by next Thursday. Data wise, there are no major domestic releases, so the focus will be on the Eurozone June ‘flash’ PMI surveys. Forecasters have pencilled in small rises in both the manufacturing and services PMIs to 57.2 and 56.5, respectively. The US Markit PMI surveys are also due. They receive less attention than the ISM surveys, due in early July, but their timeliness attracts some attention, especially the services survey. Markets are looking for US services PMI to fall marginally to 53.5 from 53.6 in May. New home sales figures are also due. More attention is likely to be given to Fed speakers, especially given the more dovish tilt to recent comments from a number of officials. Fed Governor Powell speaks, along with St Louis Fed President Bullard and Cleveland Fed President Mester (both non-voters this year).

The Marketplace - 22nd June 2017
22/06/2017
Good Morning, I must admit I thought it was Friday when I got to my desk this morning, it has been a long and very busy (volatile) week so far…… Today however is void of any top tier date apart from U.S. Jobless claims which is not really a market mover unless we see a big hit or even bigger miss. FOMC Member Powell is speaking but again unless he say’s something ‘out of the box’ don’t expect much reaction. The two-day EU Leaders’ Summit starts today, which will be attended by PM May. The tone of the meeting will be closely watched, with Brexit negotiations having formally begun this week. The main agenda, however, is security and defence, and migration. It will also be the first meeting for French President Macron. As always stay in touch with the desk for all of the latest updates on 0844 815 3240 or email us at ukdesk@transglobalpayments.com

The Marketplace - 21st June 2017
21/06/2017
Good Morning, The Queen’s Speech will mark the formal start of the new parliament. It is set to go ahead even though the government has not yet completed the negotiation of its alliance with Northern Ireland’s Democratic Unionist Party. The speech traditionally sets out the government’s proposed legislative programme. The focus will be on whether that will now have to be watered down given the government’s precarious position. A Great Repeal Bill in preparation for Brexit was expected to be a key part of that programme, so it will be particularly interesting to see what is said about this. Aside from that, Bank of England Chief Economist Andy Haldane is scheduled to give a speech in Yorkshire at midday. He voted to keep interest rates unchanged last week. Elsewhere, US existing home sales and UK public finances are likely to attract limited attention. VAT receipts in the latter, however, may provide further evidence on whether consumer spending is slowing. In the evening, the Reserve Bank of New Zealand is expected to leave policy rates unchanged at 1.75%. As always stay in touch with the desk for all of the latest updates on 0844 815 3240 or email us at ukdesk@transglobalpayments.com