Exchange rates stable so far this week
11 June, 2014
The week’s trading thus far has been to a large extent stagnant, and in most cases GBP crosses have traded sideways.
Yesterday did see further positive UK Industrial production and manufacturing data released from the UK – a continuation of recent positive results for sterling. However the markets seemed to react fairly sluggishly with the GBP/USD cross barely moving whilst the GBP/EUR slowly gained a mere 30 pips which by the end of the day’s trading had almost all but eroded.
To date we are yet to see the pound break through the near 2.5 year high against the single currency and 5 year high against the greenback, which for some may be little surprise given the dizzying heights the pound is currently enjoying. Take note therefore those of you with EUR or USD trades on the horizon as much of the market is split on which way the rates are headed for the majors, particularly with amendments to QE programmes on both sides of the Atlantic. Should the pound manage to break through the current ceilings it is all but touching we are in relatively uncharted territory. However any wobble from the pound or equally positive data elsewhere could see it quickly knocked off its perch and fall rapidly.
So stay in close contact with your CI broker who can alert you should there be any sudden shifts which may affect you.
Today things may start picking up with UK unemployment data at 09.30 this morning followed by the RBNZ policy statement late evening. With the UK and GBP currently the strongest pick in the market and following last month’s drop in UK unemployment, much of the market will be focused on this today as a crucial piece of data.
Stay in close contact with your CI broker should you have any upcoming transfers to make for some friendly and professional guidance on how to get the most out of your transfer.
Currency Index can help you stay well informed and well ahead of the market.
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