Eurozone industrial production came in worse than expected at -0.7% worse than -0.3% expected. The year on year number was also poor coming in at 1.1% growth. The US Monthly budget statement and Beige Book is out this afternoon as well as Australian employment figures.
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Tonight the predictions on Australian employment vary wildly. NAB expect the sample rotation effects of the past two months to diminish, predicting that employment will decline by 25,000 for the month. In a survey of 23 economists polled by Bloomberg, the median estimate for employment is forecasted to decline by 10,000.
Estimates range from a decline of 45,000 to an increase of 15,000, demonstrating the large degree of uncertainty that accompanies the report each and every month. FX Street thinks 12,500 for what it’s worth. Tomorrow morning we have Bank of England vote which is expected to be normal. We also have a summary afterwards so hopefully they will be upbeat and we’ll see the Pound reverse this decline.
Latest FX news by Charlie Horsley