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GBP in spotlight this evening

GBP in spotlight this evening

In the euro area the main event today will be the release of money supply M3 and credit data for August. As usual, focus will mainly be on the credit data. According to the ECB’s most recent bank lending survey, banks have continued to ease credit standards and demand for new loans also appears to be improving. Although an increase in loans will not support EUR too much, a decline could have a disproportionate impact.

 

In the US, it was unavoidable that the headline durable goods orders would contract markedly in August in the wake of the 22.6% m/m surge in July that largely reflected a huge new order for Boeing aeroplanes. However, the underlying trend in core durable orders has also been strong, suggesting acceleration in business capex in Q3.

 

ECB president Mario Draghi is scheduled to deliver a speech at 09:00 CET in Vilnius, Lithuania. In an interview with a Lithuanian newspaper published this morning, Draghi said that the ECB is ready to use additional non-conventional tools if its inflation target is under threat.

 

Bank of England governor Mark Carney is also scheduled to speak today.

 

Rhetoric or otherwise, given the light data calendar this week, the governors words could impact markets more than normal.

 

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