Rates stay flat across majors during quiet day for Currency data releases
5 October, 2017
Yesterday was a quiet day for Currency data releases, and as such the major currency pairings remained flat throughout the day. In the morning UK services PMI showed improvement, rising to 53.6 and recovering from 53.2 which was an 11-month low. Despite this sterling rates remained flat in the day’s trading, as whilst this figure fuels speculation the need for an increase in the UK interest rates, recently we have seen a mixed bag of currency data from the UK – construction showing a contracting yesterday for example.
There was no data of note from the Eurozone, with the days focus on the USD who released Markit services, manufacturing and employment data. Overall the US posted good results, but perhaps balanced by the UK figures in the morning made no gains against the Pound. Equally against the Euro trading was flat and with little movement, perhaps unsurprising given the recent gains the Greenback has made against it.
Today’s Currency data releases
Today is a much busier day for currency data releases, albeit there is little from the UK – so be prepared for movements in exchange rates. We kick off at 08.30 with a speech by European Central Bank member Praet, followed at 11.30 by the ECBs Monetary Policy Meeting Accounts, and then after another speech by ECB member Coeure. At 12.30 the focus shifts to the US who release trade balance and jobless claims data. There are then 3 speeches members from the Federal Open Market Committee members (Powell, Williams and Harker) which begin at 13.10.
In what seems a day that is dominated by speeches from the Central Banks, the only release from the UK is of course a speech by the Monetary Policy Committee member Haldane. With little data from the UK and the EUR and USD strong recently, will we see a continuation of the slow drop in rates we have seen in the last week? Given the recent gains made by the Pound, particularly against the Euro you may like to consider this and take advantage should the rate continue to decline.
Currency data releases elsewhere in the world
It is a busy day for currency data releases elsewhere in the world. Retail sales, trade balance and import/ export data from Australia was released in the early hours today, with retail sales showing a contraction whilst trade balance showed improvement – a mixed bag for the Aussie Dollar.
Swiss consumer price index data released at 07.15 showed an increase to 0.7% from a predicted 0.6%, and up from a previous 0.5%, a strong reading and showing inflation is increasing for the Franc.
Later today at 12.30 today we also have Canadian trade and import/export data. So, those of you with requirements to send money to Australia in AUD, Switzerland in CHF or Canada in CAD may like to give us a call if you have any upcoming transfer needs.
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