Trump Touches Down in the UK.

US President Donald Trumps state visit to the UK begins today. The first day of his visit includes events with the Queen, the Prince of Wales, the Duchess of Cornwall, before a 170-person state banquet at Buckingham Palace. His visit will then include talks with Prime Minisiter Theresa May and UK business leaders before attending the 75th anniversary if the D-Day landing in Portsmouth on Wednesday. If previous form dictates, we can expect some controversial comments from President Trump during his visit.

Mexico’s economy minister Graciela Marquez said yesterday she would meet US commerce secretary Wilbur Ross is Washington today in response to Donald Trumps threatened tariffs that are directed at migration targets.

Italian debt is again in the headlines this morning as the Eurozone country works on a compromise with EU to avoid sanctions over its deteriorating public finances. The European Commission wrote to Italy last week asking it to explain why its public debt rose in 2018 rather than falling as previously required. Italian economy minister Giovanni Tria has responded to the EU Commission but his response has not been deemed satisfactory.

The markets will be watching the headline manufacturing data releases today for any key indicators before major Eurozone figures scheduled for Thursday.

It is largely expected that the Reserve Bank of Australia will cut interest rates tomorrow by 0.25% from 1.5% to 1.25%. This cut is a firm indicator of a weakening economy in Australia.

Economic Calendar

Expected Previous
07:15 EUR Spanish Markit Manufacturing PMI (MAY) 51.90 51.80
07:30 CHF Purchasing Managers' Index (MAY) - 48.50
07:45 EUR Italian Markit Manufacturing PMI (MAY) 49.80 49.10
07:50 EUR French Markit Manufacturing PMI (MAY) 50.60 50.60
07:55 EUR German Markit Manufacturing PMI (MAY) 44.30 44.30
08:00 EUR Eurozone Markit Manufacturing PMI (MAY) 47.70 47.70
08:30 GBP UK Markit Manufacturing PMI (MAY) 52.4 53.1
13:30 CAD Canadian Markit Manufacturing PMI (MAY) 49.80 49.70
13:45 USD US Markit Manufacturing PMI (MAY) 53.30 52.80
14:00 USD US ISM Prices Paid (MAY) 55.10 50.00
23:01 GBP UK BRC Like-For-Like Retail Sales (YoY) (May) 0.20% 3.70%

*All rates shown are indicative of interbank rates and should only be used for indication purposes only. It is important to note that foreign exchange rates fluctuate and that rates may vary depending on the amount and the base currency that is purchased or sold. Rates are correct as of 8:00am UK time. CentralFX are not responsible for the rates shown.