GBP gains in March
3 April, 2018
March was relatively positive for Sterling gaining 2 cents on the Euro, meaning £100,000 getting you 2000 Euros more at the end of the month. During the month we saw a new positive trend line and key resistant levels broken. This was due to positive Brexit news and talks finally being progressed onto trade talks, however some key issues are yet to be resolved. With more talks scheduled for April, if those key issues remain unsolved March’s gains could quickly be wiped out. If your requirement is still a fairway of, why not take advantage of our forward contract option.
On Friday while the UK was enjoying the start of a long weekend, markets in the US were still open for trading. With initial news early last week relating to the Irish border where suggestions were made that a decision was imminent, Pound taking advantage of these hopes and hitting a new 7 week high against the USD. However, these gains were short lived when on Friday YoY growth figures were compared and the US came up on top. Growing 2.3% in 2017, compared to 1.4% for the UK, resulting in the USD gaining half a cent while the UK markets were closed for Easter.
Yesterday saw the first data release for April, with the US Ism Manufacturing PMI coming I below expectation at 59.3%, a decrease from March by over 1%, a contracting market showing possibly signs of things to come for the USD in the coming months?
A new month means new data and a particularly busy week.
9.30 Manufacturing PMI GBP
9.30 GBP construction PMI
3pm USD ISM Non-manufacturing PMI
3.30pm Crude Oil Inventories
9.30 GBP Services PMI
1.30pm USD Average hourly earnings
1.30pm Non-farm Employment change
1.30 USD Unemployment rate
4.15pm Carney Speaks
8pm Fed Chair Powell speaks
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- Brexit deal to be done, or going, going, gone? 25 November, 2020
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