Strong Pound. Some concerns over lack of data.

Last week was a largely positive one for the pound, following the hugely positive retail sales on Thursday which came in way over prediction – up to 3.7% from a predicted 2.5% . This took the pound to 3 week highs against the Euro and was perhaps aided by a raft of poor CPI data on Friday from the Eurozone. The pound also gained just over a cent against the greenback throughout the week, against a USD which has been slowly strengthening over the past fortnight. It would seem at least in the short term some strength has returned to the pound, as it also made gains against a number of the minor pairings as well.

However, whilst this week is a fairly busy week for data we have little in the way of major releases for the pound. This could spell concern as in recent weeks we have seen how in this situation – where no UK data is released – ground can easily be lost and quickly. Take note therefore that despite the short term strength for Sterling, without any data positive releases for Euro and Dollar could see a reversal of last week’s gains and potentially further erosion, so any of you who have Euro or Dollar purchases in the near future would be well advised to keep in close contact with your Currency Index broker to avoid any potential disappointment and a drop in the rates.

 Monday

09.00     EUR        CPI data

17.15     GBP       BoE Mark Carneys speech

Tuesday

03.30     AUD       RBA Interest rate decision

07.55     EUR        Unemployment Change

07.55     EUR        Unemployment rate

14.00     USD       ISM manufacturing

Wednesday

09.00     EUR        GDP data

Thursday

02.00     AUD       RBA Governors Glenn speech

12.30     EUR        ECB monetary policy and press conference

14.00     USD       ISM non-manufacturing

Friday   

12.30     CAD       Net change in unemployment

12.30     CAD       Unemployment change

12.30     USD       Unemployment rate.

 

Currency Index can help you stay well informed and well ahead of the markets.