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This week saw Pound gain strength against the Euro (0.2%) as well as the Dollar (0.76%), following the Prime Minister’s announcement of a deal with the EU to amend the original Northern Ireland Protocol.
To recap on Friday, we saw a reduction in the initial jobless claims for the US following that the job market in the US remains strong.
A reduction in weekly jobless and initial claims for the US confirming a continuing strong job market. If look back to the start of the month, non-farm payroll, that pictured an extremely healthy report on the job market and while retail sales been strong too and business activity rebounding to an eight-month high for February.
Yesterday’s FOMC meeting minutes from The Federal Reserve brought further strength to The USD, as we saw both GBP & EUR lose ground by 0.5%.
Uk public sector net borrowing. In the UK we saw net borrowing rise by another £6.2b to -£24.8b I don’t foresee this impacting markets with us being an importing country we always expect this to rise
To recap on Friday, we had 4 FED speeches, simply just talking about economic outlook of what’s yet to come they basically mentioned they are going to be more hawkish and there’s a need for further rate hikes which will further boost the dollar.
Yesterday we saw US PPI (producer price inflation) reach 0.7%, its highest level in 7 months. We also had four speeches from Federal Reserve members commeting on the economic outlook for the US.
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