Majors remain frozen amidst little data

10 October, 2014

Matthew Boyle

It has been a fairly mixed bag this week for the majors and with little data of note it seems the market has experienced the same degree of freeze that we are starting to see in the UK. GBP, whilst experiencing some turbulence against USD and EUR has remained relatively range bound and as we near the end of the week’s trading are close to where we started on Monday. USD rates however, have weakened off slightly today following poor FOMC minutes yesterday, which was a dramatic change of fortune following the non-farms results we got last Friday which saw USD surge. As a result USD lost around ¾ of a cent settling around a half cent loss by close of play, whilst it losses against EUR were similar.

It was a fairly subdued week for EUR as very little data of any note was released, and as such it was at the mercy of results elsewhere to drive any movements. With yesterdays ECB report from Draghi repeating much of the same as the previous two statements – that they would not rule out taking further measures- it had little effect on EUR rates, and as such it was data elsewhere from the UK and USD that really drove any movement.

Today for the majors we are likely to see a fairly slow days trading as we have no data of major note released. That said we may well see a continuation of overall trends, so those of you with EUR requirements might want to keep a keen eye as we have seen rates drop from the recent 6 year high and following the now near distant memory of the Scottish vote. Elsewhere we have AUD home loans and investment data, and CAD unemployment figures in the afternoon. So again those of you with any requirements to either buy or sell these currencies would be well advised to keep in close touch with your C.I broker. So should you have any requirements get in touch sooner rather than later to help us to help you. Currency Index can help you stay well informed and well ahead of the market.