29th August 2017
Investors hoping for new insight to the state of the US and European economies or updates on monetary policy were disappointed. Yellen instead talked about regulation adopted since the financial crisis and whilst Draghi did reiterate that when the ECB withdraws its monetary stimulus, it will do so slowly, he did little to talk down the strong euro after ECB officials expressed concerns about the strength of the regions currency in the minutes of its most recent meeting.
The focus next week will be on US inflation and jobs data, with ADPs on Wednesday, US PCE (the Feds preferred measure of inflation) on Thursday and non-farm payrolls on Friday. Also of note will be will be PMI data from the UK, US and China.
Peter Quayle, Investment Management Expert*
*Peter Quayle is a Fund Manager at Wealth at Work Limited which is a member of the Wealth at Work group of companies