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His word is his bond

His word is his bond


Halifax house-price recorded a 0.4% decline for September with the annual increase held at 1.1% from 1.8% previously, maintaining the view that political uncertainty was undermining the housing sector.

A Scottish court ruled in Boris Johnson’s favour yesterday, rejecting demands that non-compliance with the Benn act would result in fines and imprisonment. Essentially they ruled that his “unequivocal assurances” were sufficient. Media reports revealed the EU had detailed its fundamental objections to the UK government’s Brexit proposals, although negotiations will continue. Sterling was unable to gain ground when global risk conditions improved. There were also headlines that the PM has stepped up preparations for a general election. Sterling settled just below 1.2300 versus the dollar and the Euro pushed to highs near 1.1200 before stalling. 


Yesterday saw a modest pickup in the US Dollar demand, supported by a goodish rebound in the US Treasury bond yields and positive trade-related headlines, further collaborated to the pair’s overnight downtick. 

White House economic adviser Larry Kudlow said yesterday that the United States was open to looking at China’s proposals and that delisting of Chinese companies was not on the table.

Later today we see US NFIB index seconded by September’s Producer Prices and speeches by Federal Reserve Chief Powell and FOMC’s Evans and Kashkari.



The Euro has now reversed the initial pessimism and is heading to the 1.0980 region following encouraging results from the German docket. The Euro has derived extra support after German Industrial Production unexpectedly expanded at a monthly 0.3% during August, reversing at the same time July’s 0.4% contraction. 

The common currency against the Dollar appears to have met resistance in the 1.10 area for the time being. Investors, in the meantime continue to look to the upcoming US-China trade talks on Thursday and Friday for a clearer direction in the global sentiment. 


Data to watch

13.30 USD – Core PPI 

13.30 USD – PPI

18.50 USD – Fed Chair Powell Speaks

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