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We’re making our own fortune again

We’re making our own fortune again

UK manufacturing and industrial data bounced back yesterday with the biggest increase in industrial production since July 2012. Although no change was expected, manufacturing production and industrial production printed at 2.3% and 2.0% respectively. Overall, however, these figures failed to make significant impact on Sterling due to “Brexit” concerns.

Today the Goods Trade Balance for the UK is due for release at 9.30am. This will be used to measure the impact of the upcoming EU referendum on the UK’s imports and exports. Current fears of reduced UK exports could be confirmed today if there is a worse than expected deficit.

In the US, there were some positive jobs related data as the April JOLTs Job Openings came in at 5.788m against the market consensus of 5.672m. Although not market moving data, the Fed will be pleased to see that the labour market is continuing to create jobs after Friday’s lacklustre Nonfarm Payrolls number.

The Greenback did manage to post gains against Sterling yesterday, as the Pound continues to struggle for momentum leading up to the referendum later this month. GBPUSD opens this morning at 1.4504, a gain of 0.28% for the Dollar from Wednesday’s open. The Euro managed to post it’s fourth consecutive day of gains against the Greenback yesterday. The pair opens this morning at 1.1394.

The Euro strengthened by 0.61% versus Sterling during yesterday’s European trading session as the EU referendum continues to cast shadows over Sterling. German Imports have dropped modestly and exports haven’t fallen as much as anticipated. Trade Balance for April has also improved. All of which has had a mildly bullish effect on the Euro.

Today, European Central Bank (ECB) President Mario Draghi will speak. The focus will be on the ECB launching its corporate bond buying programme. Corporate bond purchases will inject cash directly to businesses with the aim of enabling capital expenditure and jobs growth.

Data to watch: 7am German April Import, Exports & Trade Balance. 8am Mario Draghi Speech. 9.30am UK April Trade Balance, Goods Trade Balance and Non-EU Trade Balance. 1.30pm US Initial Jobless Claims.

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