Easter break for currency markets
17 April, 2017
A quiet day in the currency markets, yesterday, saw little to no gains made for GBP against both the Euro and the USD; this plateau could well be seen as a good time to buy into either, before the volatility returns and it becomes far more difficult to time your purchase. This sluggishness in movement was in no small part due to lack of key data releases, with the UK winding down for the Easter break.
An assortment of UK jobs data with average earnings up, unemployment rate steady but claimant numbers up, cancelling each other out, was typical of the days’ ambivalence.
Some news for “loonie” traders though as the Bank of Canada has announced the country could soon be seeing it’s first interest rate hike since 2010. The commodity-reliant Dollar has for the moment kept the status quo at 0.5%. The economy has improved significantly, however, upgrading it’s GDP growth with the bank also highlighting the impressive housing market, job gains and resumption in oil patch investment. But again, little movement against any of the majors.
The possibility of rate changes do exist today, however, with GBP-EUR and GBP-USD crosses as German inflation was announced earlier this morning, coming in as expected and unchanged with figures detailing how many citizens in the US are filing first-time claims for unemployment insurance due later this afternoon
With investors seemingly holding off until after Easter, maybe waiting to see what further developments happen with the USA-Russia-Syria talks, not to mention the latest from Brexit, now could be the perfect time to secure your currency, especially if you are travelling abroad to view properties over the holiday period. Give Currency Index a call, now.
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