Sterling Euro at Two Week Low

Yesterday we started the week with GBPEUR at two-week lows as further news surrounding Scotland looking for a second referendum after the UK prime minister Theresa May triggers article 50. They were also reports suggesting that all EU nationals may not have the right to remain in the UK after Brexit.

This news was very concerning for many traders and investors, and if we hear further details around the Scottish referendum, we could see the pound losing further ground.

In the Eurozone, service and economic sentiment, consumer and industrial & business climate data were in-line with forecast which did little to currency markets. US durable goods figures came in slightly better than expected and core durable goods were down from previous months, and US home sales showed a drop compared to January and were the lowest level in a year.

Today, no data from the UK but we have a busy day from the US which could potentially cause some market movements. We kick start with US Q4 GDP at 13.30, CB consumer confidence at 15.00 and speech by FED Chairwoman Janet Yellen followed by US President Donald Trump addressing Congress for the first time where the main agenda will likely be the US defence budget and economic policies.