Crucial day for the Pound

Today could be the a pivotal day in the currency markets as significant data is due to be released which could break the current market state of sideway trading. This past week or so the markets have been fairly stagnant and trading within a small range with most data releases being relatively ineffective. The markets can only rest for so long and with a raft of crucial data coming from the key areas such as the UK, US and Eurozone it is expected that the currency market will come back to life and we could see a highly volatile during these data releases. Kicking off the day the UK post inflation figures and retail prices at 9.30am, the consensus is that the figure is set to remain the same, the Eurozone records trade balance figures later half an hour later. In anticipation of the inflation data releases from the UK the currency markets have sprung into action already as we see the Pound gain a cent on Euro and the Dollar.

Moving on to the afternoon and the US will also be posting inflation data at 12.30pm and later on at 13.15 industrial production figures are to be announced. Today is the day to keep your eyes fixed on the market if you have an up and coming requirement due to all the information set to be released. With the Pound in a weak position all due to the EU referendum and the downward trend Sterling has been in this could be damaging and we could once again see the Pound take a plunge as we have seen since the turn of the year, however should we see any more of a spike today from anything positive it could be a great buying opportunity for Euro buyers as with the Pounds downward trend spikes for Sterling are few and far between and with the referendum being only a number of weeks away this could be one of the last should it happen.

As always stay in close contact with you account manager here at Currency Index for friendly guidance and information.