Busy week ahead for the markets
17 June, 2013
Sterling had a decent week last week, performing well against most major currencies, most notably the US dollar, which sterling climbed up to a 4 month high against by the end of the weeks trade.
Against the Euro though, the pound has continued to struggle to push out of its recent range bound trading area, which those with an interest would have been used to for some months now. Following the bailout of Cyprus we have seen the rates change very little and despite the pound doing well against other majors, the Euro still holds its own. Recent data and comments, such as from the French premier, stating the Eurozone is out of its worst and on the road to recovery, with recent events faring well for a stronger economy, are possibly buoying up investor sentiment.
Whatever the reason, the fact is that if you have an upcoming euro requirement, its probably not worth holding off for rates to improve, its a fair statement to say they probably wont, going on recent trading. Keep in touch with your broker and make use of the various tools available, like Limit Orders and Forward Buying so that when the levels of trading are to the top of the range, you can take advantage.
The week ahead we have some key data releases coming to influence movement on rates. The key points to note follow:
Monday and Tuesday – G8 meeting
Monday – no key UK data, Eurozone trade balance
Tuesday – UK and US inflation data (RPI and CPI)
Wednesday – UK, Bank of England minutes from June meet, US FED interest rate decision and policy statement, New Zealand GDP
Thursday – Eurogroup meeting, Royal Bank of Australia bulletin, German inflation figures, Swiss interest rate statement, Eurozone PMI, UK retail sales, US PMI and housing data.
Friday – UK public sector borrowing, Canadian inflation data and retail sales.
Its a busy week, with plenty to move the markets. If you have a currency transfer coming up, don’t get caught out! Speak to one our brokers today and explore your options on sending money aboard and let us help you achieve the best possible.
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