GBP USD hits 2017 highs

Yesterday was a busy day for data. The morning kicked off with the German Consumer Confidence Survey which showed that the German economy was on the rise. The figure showed a rise to 10.2 and beat market expectations on 9.9. We also saw the European central bank hold interest rates and leave the quantitative easing programme unchanged for April. They also decided not to change the ECB’s bond-buying stimulus programme, which is already being trimmed to 60bn Euros a month from 80bn euros. this was widely expected due to weak inflation and a continued uncertain outlook in the Eurozone. Across the pond US employment Claims rose by 14,000 to 257,000 which is the lowest since February. Also, U.S. Durable-Goods Orders Rose Less Than Forecast in March.

Today we have another busy day on the data front where we can see markets move either way. We kick off with UK GDP figures which are expected to show a disappointing drop to 0.4% instead of 0.7%. in the afternoon we have GDP releases from Canada and the US.

GBP/EUR and GBP/USD rates are near the highest levels we have seen this year. With the final round of voting for the French presidential elections and just seven weeks until the UK general elections we will certainly see a lot of movement in the markets. So if you have a upcoming requirement then please get in touch with your Currency index account manager to discuss various options so we can help you maximise the return on your upcoming transfer.