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French Political Turmoil and U.S. Job Data Revisions Stir Market Uncertainty

The political turmoil continues in France after Prime Minister Bayrou lost the vote of confidence. Now meaning that France needs to replace their Prime Minister, maybe they’re becoming used to it as it will be their fifth change in the last two years. The situation has been boiling for awhile after French budget deficit continues to grow larger and larger. French now hold the third largest debt in Europe, leading to economic instability for the Euro zone with France being the second biggest economy for the region. Before France can find a solution to reduce their growing debt, they will have to find the right person the lead the country first. President Macron now has the important appointment to make who will lead the country next and ideally create political certainty. GBP did open in green to the EUR, a combination of the French political situation and confirmation from UK retail sales monitor, confirming ONS figures from Friday that retail sales did move higher month-on-month.

This afternoon markets will stir on non-farm payrolls annual revision. Non-farm payroll has for a long period been discuss of how accurate released figures are, and throughout the year we have seen monthly reports being revised negatively, suggesting the US job market don’t perform as well as first mentioned. Forecast ahead of this afternoon is a subtraction of jobs created by -819k. With central bank decision planned within a fortnight it can add volatility to already fluctuating markets, in particular USD pairs.

GBP/EUR 1.1526 GBP/USD 1.3560 GBP/AED 4.9840
GBP/AUD 2.0517 GBP/CHF 1.0753 GBP/CAD 1.8720
GBP/NZD 2.2800 EUR/USD 1.1749 GBP/ZAR 23.7511

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