Mark Carney speech sends Pound higher
29 August, 2013
With August drawing to a close we see very little activity in the markets. This week the rates have been rather stagnant due to minor data releases across the board and this looks set to continue as we see out the week. Yesterday saw Mark Carney’s speech at parliament about the UK’s economic recovery. He started his speech fairly positive with a comment headlining “UK economic recovery measured not rapid”. Mr Carney then went into a little more depth on the unemployment rate in the UK than in his previous speech saying “there is only a one-in-three chance of the jobless rate hitting 7% by mid-2015” . The speech helped the pound strengthen seeing a 3/4 of a cent gain on the Euro and strengthening a cent against the US Dollar.
Today we see the unemployment rate released in Germany, the consensus is that it will stay at 6.8% anything lower than that would likely see a gain for the Euro rate. Later on in the day inflation figures are also released in Germany. Later in the afternoon the US GDP is released which could see volatility in the market.
If you have an overseas transfer to make in the coming days contact one of the brokers here at Currency Index for some friendly guidance.
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