Fed Vice President Stanley confident in Labour Markets ahead of Chair Yellen’s Speech in Jackson Hole
It has been a relatively quiet start to the week on the economic data release front from both sides of the Atlantic, particularly from the US ahead of Janet Yellen’s speech in Jackson Hole this Friday. The only data release of the day from the US yesterday was the Chicago Fed National Activity Index which came in slightly stronger than expected, which indicates above trend growth in the economy. Attention was also firmly on Stanley Fischer, the Federal Reserve’s second in command, following his upbeat assessment of the economy’s current strength and comments that the job market was close to full strength and still improving. Today from the US we have new home sales m/m with expectations of a negative 2% reading.
Pound continues to rally on the back of consistent data
The pound continues to rally against the euro on the back of last week’s strong retail sales figures. The Pound inched up yesterday 0.2% v the Dollar to 1.3094 having gained 1.2% last week. EUR/GBP stayed relatively range bound in yesterday’s morning and afternoon session ahead of today’s only UK data release, CBI trend orders.
Busy day ahead on the European data front
Today is a busy day on the data front in Europe, with eurozone manufacturing and Services PMI figures being released this morning. French and German figures have already come in slightly stronger than expected with the main eurozone services flash and composite flash due to be released at 09:30am this morning. The last major piece of data released from Europe today at 3pm is eurozone consumer confidence with expectations of a -7.6% reading.