A better day for the Pound
1 March, 2016
Yesterday saw the pound gain 1 and a half cent against the euro which brought a good opportunity for euro buyers. This was all thanks to positive UK consumer credit data released yesterday morning, which posted a figure of £1.564B up from the predicted £1.300B coupled with poor EU Consumer Price Index data which came in as a contraction at -0.2%. The pound also gained a cent against the Dollar yesterday as US home sales figures did not meet expectations of 0.5% and posted results of -2.3% instead.
As we enter a new month there is as always a busy start of the week with a whole lot of data being released in the week to come. Today’s key releases started before we opened doors in the form of Australia’s RBA interest rate decision and policy statement which came in as expected at 2%, so no drastic movement in the market to report on.
Swiss retail sales data also posted this morning at 8:30 which posted better than expected results, 0.2% rather than the predicted -1.2%. And February’s German unemployment figures came is as expected at 6.2%. Also this morning EU manufacturing at due to be posted at 9am followed swiftly by UK manufacturing PMI at 9.30am. and the theme of a busy data day continues this afternoon with Canadian GDP due after lunchtime at 1:30pm, followed by US manufacturing PMI at 3pm.
Tomorrow’s main releases to keep an eye on include Australian and Swiss GDP, EU inflation, and the Feds Beige Book economic overview.
As we enter another month closer to the referendum, it is likely that uncertainly will continue to drive the current downward trend for the pound, so those of you with upcoming requirements for either EUR or USD, or certainly any currencies bought from the pound may like to strongly consider your options now as it is highly likely we will see GBP rates suffer still. Call in and speak to your Currency Index broker today who can offer some friendly direction on forward contracts and how you can secure your exchange rate for the future today to avoid these costly drops in rate.
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