In May 2021, Royal Dutch Shell lost a landmark court case which ruled that the energy giant must bring its emissions in line with the Paris Agreement. Shell had already planned to become net-zero business by 2050, but the ruling means they must slash emissions faster and harder.
- Bank of England policymaker speeches tipped to cause Pound to rise
- Will a dovish interest rate statement from the BoC dampen sentiment in CAD?
- Australian dollar likely to slip on further weak construction PMI
Yesterday the Pound slipped following the release of a better-than-expected services PMI, which showed that employment within the sector fell at its fastest pace since November 2011.
As there is a lack of UK economic data releases today, the focus for Sterling is likely to remain on the speeches this afternoon from the Bank of England’s (BoE) Sir Jon Cunliffe and Michael Saunders.
If their speeches address the post-Brexit UK economy, it could cause movement in Pound exchange rates, with any hawkish notes from Cunliffe and Saunders likely to buoy Sterling over the course of today’s session.
Bank of Canada interest rate likely to buoy Canadian dollar
This afternoon the Bank of Canada (BoC) will release its interest rate decision, which should cause some movement in the Canadian dollar.
The ‘Loonie’ could be buoyed by interest rates holding steady at 1.75% as forecast.
Weak Australian construction to dampen sentiment in Australian dollar
Yesterday saw the pound Australian dollar exchange rate fluctuate following the Reserve Bank of Australia’s (RBA) interest rate decision.
The RBA held interest rates steady at 1.5% as forecast, while Chair Philip Lowe’s statement did not appear to signal an interest rate cut.
This evening there could be further movement in the pairing following the release of the AiG Performance of Construction Index.
If the index slips further in February from the previous 43.1, it could see sentiment in the ‘aussie’ dampened.
Wednesday 6th, March 2019
12:15 GBP BoE’s Cunliffe Speech
15:00 CAD BoC Interest Rate Decision
15:00 CAD BoC Rate Statement
17:30 GBP BoE’s Saunders Speech
21:30 AUD AiG Performance of Construction Index (Feb)
Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure
Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)