Market Report UK Awaits Article 50 on Wednesday

Last week was a busy week of data releases from the UK which caused a reasonable amount of market movement. Tuesday saw positive UK inflation figures which beat expectations with the figure coming in at 2.3%, some half a percent increase on January’s figure of 1.8% and saw the pound gain nearly a percent against the basket of currencies. Thursday morning saw impressive PMI figures from the EuroZone which came in well above forecast and saw the Euro keeping the resistance it had shown all of last week. Later we saw UK retail sales figures released providing a further boost for sterling as the figure was better than expected. Retail sales volumes in February were up to 3.7%.

This week is another busy week for data and could be another week where we see a little more volatility. The headline news this week will be on Wednesday when Theresa May will officially invoke Article 50 which will formally start the UK’s two-year exit process. If all goes according to the two-year limit allowed, Brexit should happen around March 2019. We will also see the US release data figures for pending home sales and crude oil inventories and we end the week with EUR retail sales, UK nationwide house prices and UK GDP.

Monday
EUR – German IFO Business Climate
US – Dallas Fed Manufacturing Business Index

Tuesday
US – CB Consumer Confidence
US – Goods Trade Balance
CAD – Bank of Canada governor speaks
JPY – Retail Sales

Wednesday
GBP – UK government triggers Article 50 for Brexit
GBP – Mortgage Approvals
GBP – Net Lending to Individuals
EUR – Consumer Price Index
US – Pending home sales
US – Crude Oil Inventories

Thursday
GBP – Consumer Confidence
US – US GDP
US – Unemployment Claims

Friday
EUR – Retail Sales
GBP – Nationwide Housing Prices
GBP – UK Gross Domestic Product (GDP)

With so much going on this week it will be essential to discuss your requirement with your currency broker, please call your broker today to discuss any upcoming requirement.