Reflecting on yesterday, Mark Carney put an end to the speculation of the Bank of England’s future last night after announcing that he will remain until 2019, in order to help secure an “orderly transition to the UK’s new relationship with Europe”.
Carney (appointed in 2012) was only actually set to serve five years due to “personal, family considerations” but decided to extend the time within his role, covering the EU negation period. This seems to have given a bout of positivity and much-needed relief, being praised by Chancellor Phillip Hammond and also giving Sterling a small rally.
Data to come
Following an uncertain start to the week, today looks a lot busier, being data heavy and kicking off with UK PMI data at 10:30am, actually forecasted 0.8 lower than the previous month’s release. The UK, French and German markets are also all expected to open up slightly higher this morning too.
Today also looks to be a big day on the oil scene, as the two industry giants, Shell and BP, release their quarterly results which could cause some market movement depending on the figures and how investors react. Oil prices actually dropped off quite sharply yesterday, touching a one-month low, thanks to doubts creeping in regarding OPEC’s ability to implement its planned production cut.
Going back to the macroeconomics of the day, further to the UK’s PMI release we can expect to see month on month GDP data from Canada at 1:30pm and ISM Manufacturing PMI from the US today at 3:00pm. Overall, we should see more movement today than we did Monday.
That’s All. #Enjoy