Eyes on the ECB

10 May, 2017

Grace Rae

Yesterday’s trading day was relatively flat for GBP-EUR with no big data releases out to provide any significant swings, however, that being said, the pair did close the day almost 30 points higher than where it opened. Slowly improving as the day progressed, likely to be due to the Euro weakening off and investors adjusting to the news that Macron is now France President Elect.

Today concerning data releases it’s a busy one, with a selection of data coming from Europe throughout the morning then at midday European Central Bank President Mario Draghi speaks. For those looking to secure Euros, this is one to watch out for. This is the first speech by Draghi since the French presidential election ended so he may well comment on the bank’s new stance regarding interest rates. The rest of the day’s focus turns on the US with a mixed bag of data in the afternoon including Export and Import Price Index, EIA Crude Oil Stocks, and the monthly budget statement announced at 7 pm. Overnight the Reserve Bank of New Zealand is due to release their latest interest rate decision and Monetary Policy statement. The NZD overall has seen a steady run of data releases recently which argues that we could see a more positive stance from the RBNZ regarding rates.

Tomorrow is certainly the one to watch for the Pound, with UK Industrial and Manufacturing production figures in the morning, followed by Bank of England Rate meeting and Inflation report due at lunch time. With lots going on if you have an upcoming requirement and would like some guidance with your transfer then do get in touch with your broker here at CI to discuss the options we provide to help you secure your currency.