Going nowhere

3 minute read


There was nothing to excite investors among Friday's producer price index data. Prices went up 0.1% in June, the same proportion as in May. On an annual basis, prices were 1.7% higher on the year and core prices, excluding food and energy, rose 2.3%, both fractionally more than predicted.

Politically, the president made headlines a couple times over the weekend with attacks on minority congresswomen and disparaging remarks about cryptocurrency Bitcoin, of which he is "not a fan". This morning there was a story that the president is tired of commerce secretary Wilbur Ross, who could be next to leave the White House after Friday's departure of labor secretary Alex Acosta.


Since the industrial production data came out early Friday the euro zone has added little to the currency mix. There were no ecostats from Euroland this morning and none are due until Tuesday morning.

After covering a range of well under half a cent the EUR is almost 0.1% firmer against the USD. It has shown no sign of movement this morning.


The CAD is unchanged from Friday morning after covering a quarter-cent range. WTI crude is 50¢ lower after wandering aimlessly through the weekend.

There were no Canadian data on Friday. None of any consequence are scheduled until Wednesday's inflation figures.


Britain managed to squeeze out some statistics on Sunday night. Rightmove's index of UK house prices saw them fall 0.2% in July, the first monthly drop this year. There was also some Bank of England action on Friday. Gertjan Vlieghe, a member of the Monetary Policy Committee gave a speech about policy guidance. The part that attracted most interest was his consideration of a post-apocalyptic world in which Bank Rate would fall "towards the effective lower bound of close to 0% in the event of a no deal [Brexit] scenario".

It was a half-cent range for the GBP too. Eventually it was able to edge 0.1% higher against the USD.


Among the major currencies, the JPY was the only one to achieve anything worthwhile. It strengthened by 0.4% on the day.

There were no Japanese data today. The country is taking the day off for Marine Day, an annual celebration of fish and ships.

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