Main exchange rates steady

The main exchange rates are largely unchanged this morning. The dollar is continuing to trade around the $1.12 level against the euro, having lost some ground towards the end of last week and the start of this, while sterling is hovering around its recent lows against the single currency and the dollar, at about 92p and just under $1.22 respectively, as the air remains thick with talk of a ‘no deal’ Brexit  on 31st Oct

Bond yields continue to head south as central banks around the world ease monetary policy – New Zealand’s central bank cut its key rate by a larger than expected 50bps overnight while the Reserve Bank of India cut by 35bps – with German 10-year yields setting fresh all-time lows on a regular basis, now at -0.55%, and equivalent US yields down to a near 3-year low of just under 1.69%

The number of job openings in the US dipped in June and in Q2 were running below their level in the first quarter,  another indication that the labour market is cooling albeit still remaining relatively healthy

Retail sales in the UK were soft again in July according to the British Retail Consortium – barely changed on the same month in 2018 – which says “Brexit uncertainty…left consumer spending languishing” last month

Data due today include Halifax house prices for July and consumer credit in the US