Mon, October 01, 2018
As the tory party conference kicked off yesterday after the Prime Minister speeches at the previous two annual gatherings prompted a fall in the pound. With the PM facing potential leadership threats and her Brexit stance under intense scrutiny.
Theresa May’s position is looking shaky once again. Her so-called Chequers blueprint for Britain’s exit from the EU has been bluntly rejected by both EU leaders and members from her own party, while her former Foreign Secretary Boris Johnson announced his own plan last week in a move generally interpreted as preparing for a potential leadership challenge.
The last two annual Tory conferences have shown it's ability to move the pound. In 2016, May surprised everyone by indicating a preference for a so-called hard Brexit, setting the scene for a flash crash, two day later the pound touched its weakest level since 1985. Last year, the PM’s mishap-filled speech spurred on speculation of a leadership challenge, propelling the pound to drop to a one-month low in the days following.
Sterling traded at $1.3047 this morning after touching 1.3190 last week against the dollar. The rose to 1.1247 against the Euro this morning.
Data to look out today.
15:00 USD manufacturing and employment for September.
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| Day | Time | Currency | Event |
|---|---|---|---|
| MON | EUR | 06:00 | EUR German Retail Sales (MoM) | MON | EUR | 06:00 | EUR German Retail Sales (YoY) | MON | EUR | 07:45 | EUR Markit/ADACI Italy Manufacturing PMI | MON | EUR | 07:50 | EUR Markit France Manufacturing PMI | MON | EUR | 07:55 | EUR Markit/BME Germany Manufacturing PMI | MON | EUR | 08:00 | EUR Markit Eurozone Manufacturing PMI | MON | GBP | 08:30 | GBP Net Consumer Credit | MON | GBP | 08:30 | GBP Net Lending Sec. on Dwellings | MON | GBP | 08:30 | GBP Mortgage Approvals | MON | GBP | 08:30 | GBP Money Supply M4 (MoM) | MON | GBP | 08:30 | GBP M4 Money Supply (YoY) | MON | GBP | 08:30 | GBP M4 Ex IOFCs 3M Annualised | MON | GBP | 08:30 | GBP Markit UK PMI Manufacturing s.a. | MON | EUR | 09:00 | EUR Euro-Zone Unemployment Rate | MON | USD | 13:02 | USD Fed's Bostic Speaks on Economic Development | MON | USD | 13:45 | USD Markit US Manufacturing PMI | MON | USD | 14:00 | USD Construction Spending (MoM) | MON | USD | 14:00 | USD ISM Manufacturing | MON | USD | 14:00 | USD ISM Employment | MON | USD | 14:00 | USD ISM Prices Paid | MON | USD | 14:00 | USD ISM New Orders | MON | GBP | 14:50 | GBP BOE's Tenreyro Chairs Panel in London | MON | USD | 15:00 | USD Fed's Kashkari Speaks in Minnetonka Minnesota | MON | USD | 15:30 | USD U.S. to Sell 3-Month Bills | MON | USD | 15:30 | USD U.S. to Sell 6-Month Bills | MON | USD | 16:15 | USD Fed's Rosengren Speaks on the U.S. Outlook and Monetary Policy |
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*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
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