Vive la Revolution
2017 is a critical year for European politics not to mention the triggering of Article 50 and Trump.
Further Dollar weakness has continued to support industrial metals during the past week, particularly following the failure of the Trump administration’s healthcare reform bill on Monday night.More
The UK inflation figures for June surprised to the downside yesterday with June’s headline CPI inflation unexpectedly edging down to 2.6% from 2.9% in May. Market expectations had been for a steady figure of 2.9% in June (Investec 2.8%). The other measures of price inflation CPIH, RPI and PPI all edged lower too, although core output prices were a touch higher.
We arrived at our desks this morning to find the USD on the back foot again, as Republicans abandoned their efforts to repeal and replace Obamacare in one fell swoop after it became clear that the Senate version of the replacement Bill could not achieve the required votes.More
Metals continue to consolidate and advance on recent price gains, aided by a broadly weaker dollar over the past week. This is largely driven by strength in the EUR, and JPY which is encouraging USD selling against other currencies such as GBP, where the fundamentals perhaps do not support recent strength in GBP/USD.
Janet Yellen gave a characteristically restrained performance in her bi-annual monetary policy testimony to the US House Financial Services Committee yesterday, revealing few additional details on the Fed’s policy plans, beyond what was laid out in last month’s FOMC meeting communications.More