All eyes on Draghi’s speech

With limited data out yesterday, the market stayed very subdued. It was the start of the G8 meeting in Northern Ireland and with no surprises coming out of the first days talks the three major currencies were trading in a very tight range though the pound, did slowly strengthen throughout the day before weakening off by the close of the European session. ECB president Draghi has spoken this morning and for once this has had very little impact though the Euro has strengthened ever so slightly. Inflation data is due out from the UK this morning and there is a raft of data from the US this afternoon. As always the UK inflation figure will give us a clue as to how well the BoE’s monetary policy is working. If the figure comes in higher than expected we could well see a bit of pound strength but as always volatility after the announcement should be expected. With BoE minutes due out tomorrow, it could be a busy few days for the pound. So if you are looking to send money aboard , speak with our Currency Index broker’s to get started.