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ONS Delay Japan Inflation Falls Powell Speech in Focus

What was supposed to be a morning of UK retail sales, will now take place on the 5^th of September. This was announced two days ago, as The Office for National Statistics (ONS) were concerned over their collected data and wanted to do further inspections of the data collection before its release. Even if it’s the better approach to delay and make sure that figures are accurate, it raises concerns of the capability of ONS. This will be seen as the second fault from the ONS, back in April they had to go back and amend inflation rate figures after a misunderstanding regarding road tax. With ONS being a main data collector for both the government and Bank of England, this might raise eyebrows of future data releases that come out well above or below expectations.

In the early hours, we did see inflation levels for Japan decreasing year-on-year to 3.1% from 3.3%. This is another data release falling into the path of BoJ plan to raise interest rates levels later in the year. On the back of it, we have seen JPY taking small advantages to both GBP and USD in the morning session.

One of the annual key events for central banks, Jackson Hole, started yesterday. It will be of importance to keep an eye on markets this afternoon when Jerome Powell, Federal Reserve chairman, hold his speech and share his view on in what direction the US economy is heading. Powell has been pressured by President Donald Trump to lower interest rate levels, while holding his ground and indicating it’s not a requirement for the US yet. While markets have followed jobs data as its main indicator of how Federal Reserve’s approach on borrowing costs will be handled – Federal Reserve have mentioned that higher inflation levels is of a bigger concern that a falling job market. We have seen USD strength throughout this week and if Jerome Powell confirms that the Federal Reserve will hold rates in September, we can continue to see USD strength on the back of it.

GBP/EUR 1.1553 GBP/USD 1.3401 GBP/AED 4.9241
GBP/AUD 2.0853 GBP/CHF 1.0845 GBP/CAD 1.8646
GBP/NZD 2.3066 EUR/USD 1.1585 GBP/ZAR 23.6921

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