Economic Calendar

9:30am UK Retail Sales m/m

7:00pm US Federal Reserve Policy Statement

7:30pm Fed Chair Yellen Press Conference


GBP/EUR registered net losses against the Euro on Tuesday with Euro resilience the main market feature rather than significant Sterling selling.

There was further intrigue and uncertainty surrounding the Brexit policies. Sterling gained some brief support after reports that Foreign Secretary Johnson had threatened to resign, although the reports were denied and there were reports that Prime Minister May would offer a financial support package to the EU.

There were ECB source that council members were divided on whether to announce a fixed completion date for bond purchases at the October meeting and some decisions would be delayed until December. The Euro dipped lower on the reports, although there was solid buying support on dips.

US August housing starts were little changed at an annual rate of 1.18mn. Building permits increased to the highest reading for over 2 years at 1.30mn, although there was little dollar impact from the data.

The latest UK retail sales data will be released on Wednesday with consensus forecasts for a small monthly gain in volumes, although markets will be wary of weather-induced volatility in the data.

Political tensions surrounding Brexit will also remain significant, although the Sterling impact may be limited ahead of May’s Friday speech.

There will be inevitable caution ahead of the Federal Reserve policy statement after the European close. Although no change in interest rates is expected, the balance sheet decision and latest Fed Funds projections will also be important.

There is the potential for sharp dollar moves which will have important implications for Sterling rates and significant moves.

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