Sterling Gains Slightly

GBP

The Pound experienced modest gains on Monday as the economy grew by 1.3% for the year to June, but contracted at a 0.2% quarterly rate. The initial positive figure was higher than the anticipated 1.2%, with household spending continuing to support the domestic economy. However, the Pound was little moved as market makers are eagerly awaiting the next move in the Brexit saga. With the Conservative Party Conference currently taking place, it is unlikely that we will see any concrete signs of progress until the conference is finished.

EUR

The Euro fell to 28 month lows on Monday as Eurozone growth concerns weighed heavy on the common currency. The heavyweight German economy showed further signs of stress with inflation slowing for a third consecutive month and growth forecasts were revised downwards. The revisions in particular show big concerns that a slowdown in Europe’s biggest economy could harm the wider Eurozone. In particular, it is the export-dependent manufacturing sector that has been hit hardest.

Key Announcements

10:00 – EUR: Core Consumer Price Index (YoY) (Sep)- expected to increase to 1% from previous 0.9%.
10:00 – EUR: Consumer Price Index (YoY) (Sep)- expected to remain at 1%.
15:00 – USD: ISM Manufacturing PMI (Sep)- expected to increase to 50.0 from previous 49.1.

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