Busy Day for GBP, USD and EUR data ahead

Today is a busy day in the way of data and as such we could see big movements in FX rates. Already this morning we have seen German GDP released which came in at 1.6% down from a predicted 1.8%, and as a result, has seen the Euro weaken off slightly this morning.

UK unemployment and average earnings are released at 09.30, followed by inflation report hearings at 10.00AM. Both reports could cause high volatility, particularly inflation as it is linked with interest rate hikes, so will be watched closely following the Bank of England interest rate hold last Thursday.

At 10.00AM we also have Eurozone GDP figures released, so this morning continues to pose hurdles for GBP>EUR rates, particularly given Michel Barnier this morning announced there has been little progress in Brexit talks over the last few weeks with the issue of Northern Ireland still posing a big problem.

This afternoon focus shifts to the US who release retail sales figures at 13.30 and is set to show growth.

Will the USD continue to make advances against the Pound and Euro having gained 8 cents in the last 2 weeks against the Pound, and around the same in 3 weeks against the single currency?

With a lot going on data-wise, and the issue of Brexit raising its head again, it is likely we are in for a bumpy ride as far as exchange rates go.

So, if you have any upcoming transfers, don’t wait and potentially be caught out! Speak to your Currency Index broker today for some friendly guidance on how we can help protect your budget in what continues to be a very uncertain and volatile market at this time.