More data as we approach a new month
29 March, 2018
Yesterday was a fairly quiet day in terms of economic data. The US posted a fairly positive set of releases with core consumption expenditure coming in as expected at 1.9% and GDP posting 0.4% better than previous. Pending Home Sales also came in above expected result by 1%.
Over the past 6 months, the Pound has been trading in a tight sideways range of peaks and troughs. Currently sitting at the top end of this range against the Dollar and Euro, although that being said we have seen the rates drop slightly, the rates closing the trading day slightly below where we opened. So for those looking to send funds to the EuroZone or the US in the coming weeks, you might want to consider getting in touch with your broker here at Currency Index to discuss the various options we provide to help you secure your currency in the event that the rates continue to dip.
At almost 2 years since the UK voted to exit the European Union and the official exit due to happen this time next year, there is still a long way to go. Last week the UK and the EU agreed a 21 month transition period to follow from the 29th March 2019 which provided some relief for businesses who will use the transitional period to adjust to Brexit.
The issue of the Irish borders has hit the news again, this time coming from The Times which suggests that Irish officials have been told they can expect new proposals from Britain to avoid a hard border. This could be seen as good news for the Pound but with the EU insisting the UK cannot ‘cherry pick’ on their involvement in the Single Market there could still be a lot of friction ahead which will, in turn, affect investors option on Sterling.
After a quiet week on the data front the for UK we now have some new data out. This morning the UK post GDP, consumer credit and mortgage approvals all out at 09:30. This afternoon the US post personal spending and consumption, continuing and initial jobless claims all at 13:30, followed by GDP for Canada. Then later in the early evening, FOMC Member Harker speaks.
Being the last trading day ahead of the Easter bank holiday, if you have a need for currency, you may want to consider getting this secured ahead of the long weekend in the event that the markets cool off and the recent gains made fall away. Should you need anything at all, drop in a call to our friendly brokers here at CI and on behalf of all of us here, we hope our readers have an enjoyable Easter bank holiday break.
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