Little data holds the GBP

The short trading week last week was altogether a fairly quiet one for the majors, and whilst many expected an exciting end to what began a fairly pedestrian paced week, this did not come. In the four days trading we saw the GBP/EUR struggle to move outside a half cent trading range and against the Dollar similarly outside a cent. Despite there being a number of releases of major note including UK retail sales, the majority of results came in close to expectation and where any positive news were seen as with Euro PMI data on Wednesday gains were minimal and quickly levelled out.

However it must be noted that with the Pound is near peak levels against its majors with rates for buying Euros around half a cent from a 2 month high and against the USD around half a cent off the best rates since 2009, it will take a notably push to break this current ceiling.

Take note however that this week is a relatively quiet week for the Pound with the only major release GDP tomorrow – as such and given the current buying levels may be well advised to stay in close contact with your broker as we could likely see movement. We have a particularly busy week for the USD and with a number of key releases from Wednesday onwards investors will be watching closely to see if the USD can claw back any of its lost ground. And with the Pound silent with no data and so unable to potentially fight back against any positive news from the greenback or single currency could see a rapid drop from the excellent buying levels we are currently seeing.

Tuesday

08.30                     GBP                       Gross Domestic Product (QoQ – Q1)

12.00                     EUR                        Harmonized Consumer Price Index (MoM & YoY- April)

Wednesday

03.00                     JPY                         BOJ Interest rate decision and Monetary Policy statement

07.55                     EUR                        Unemployment change and rate (April)

09.00                     EUR                        Consumer Price Index (MoM & YoY- April)

12.30                     USD                       Gross Domestic Product (Q1)

18.00                     USD                       Fed Interest rate decision and Monetary Policy statement. 

Thursday

14.00                     USD                       ISM Manufacturing Data (April)

Friday

12.30                     USD                       Non-Farm Payrolls

12.30                     USD                       Unemployment rate (April)

If you need have any upcoming currency transfers to make speak to your Currency Index broker today for some helpful, friendly and professional guidance on the best way and time to get your money overseas – we can help you stay well informed and well ahead of the market.