In Out In Out The Polls are all about

31 May, 2016

Grace Rae

Last week the Pound ended Friday’s European trading day close to where it started as rates continued to stay at the best levels we have seen in close to 4 months. Aided mostly by two Brexit Polls, one by IPOS MORI and another by the Telegraph. The polls showed a strong percentage lead for “in” campaign, boosting the pounds momentum and causing the pound to currently trade at 4 month high against the Euro and a month high on the Dollar.

Some readers who are looking to buy Euro’s may be hopeful that because rates have improved they will continue to. But a word of caution! When it comes to currency markets, what goes up must come down! Especially when the motivating factors are theoretical and not yet set in stone. It is also not unusual to see a correction in rates given the huge gains we have seen in the last few weeks, and with the referendum still fast approaching and campaigns in full swing, it isn’t impossible to see these gains for the Pound quickly eroded.

Today’s data focus is this morning at 10:00am in the form of European Unemployment Rate and Consumer Price Index to keep a close eye on. CAD Gross Domestic Product at 1:30 this afternoon, followed by an array of US data. At 1:30 personal consumption expenditure, spending, and income, and at 2pm consumer confidence.

So should you have any upcoming Euro or Dollar requirements, it may be worth thinking about what you have gained in these past weeks and cash in, rather than gambling on ‘what if it gets better’ and missing opportunities. Give Currency Index a call today for some friendly and professional guidance on how to get the most out of your transfer.

The Week Ahead:

08:15 CHF Retail Sales
09:00 EUR Markit Manufacturing PMI
09:30 GBP Net Lending
09:30 GBP Markit Manufacturing PMI
09:30 GBP Consumer Credit
09:30 GBP Mortgage Approvals
09:30 GBP M4 Money Supply
14:30 CAD RBC Manufacturing PMI
14:45 USD Markit Manufacturing PMI
15:00 USD ISM Manufacturing PMI
15:00 USD ISM Prices Paid
19:00 USD Fed’s Beige Book Report

10:00 EUR Producer Price Index
12:45 EUR ECB Interest Rate Decision
13:30 EUR ECB Monetary Policy Statement and Press Conference
13:30 USD Initial Jobless Claims

09:00 EUR Retail Sales
13:30 USD Unemployment Rate
13:30 USD Non Farm Payrolls
13:30 USD Trade Balance
14:45 USD Markit Services PMI
14:45 USD Markit PMI
15:00 USD ISM Non- Manufacturing PMI
15:00 USD Factory Orders