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Markets pulling back a little on Monday following a disappointing UK Manufacturing PMI print that has fueled the UK’s Brexit-related growth concerns at a time when markets are increasingly unable to rely on central banks to keep the cogs greased. So far we’ve had notable inaction from the Bank of England, US Fed and Bank of Japan, all of whom appear to be waiting to see what the other two will do! That said, it looks increasingly likely we’ll get some form of pre-emptive stimulus (pre-emptive because any Brexit ills won’t be confirmed by the hard data until October) from the BoE on Thursday, but the question remains as to what that will be. A straight interest rate cut is perhaps the worst idea but there are other options. Whatever happens though, the GBP could be set to weaken again versus the Euro and US Dollar. This is likely being priced in right now.
Intl Economic Announcements
15:00 Construction Spending, ISM Prices Paid (US)
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UK Economic Announcements
09:30 PMI Construction
Intl Economic Announcements
10:00 Producer Price Index (EU)
13:30 Personal Consumption Expenditures; Personal Income & Spending (US)
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UK Economic Announcements
00:01 BRC Shop Price Index
Intl Economic Announcements
10:00 Retail Sales (EU)
12:00 MBA Mortgage Applications (US)
15:00 ISM Non-Manufacturing (US)
15:30 Crude Oil Inventories (US)
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Int. Economic Announcements
13:30 Initial Jobless Claims, Continuing Claims, Factory Orders (US)
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UK Economic Announcements
08:30 Halifax House Price Index
Int. Economic Announcements
07:00 Factory Orders (GER)
08:00 Consumer Credit (US)
13:30 Non-Farm Payrolls, Balance of Trade, Unemployment Rate (US)
Technicals
Technicals
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