Markets slipping at the hips

2 August, 2013

Jak May

As we close the week and open up a new chapter for the month, we stand all clueless with what is predicted next. Figures on the currency markets can go either way and GDP certainly provided that downward turn for the Pound. It often makes me think that after the good spell for the GBP, what is round the corner next? Today is not the best for comparisons with a scattered amount of data due out. GBP/USD has been testing the downside through 1.5100 printing a low of 1.510 overnight and making a low on the London open of 1.5107. This morning has shown a positive from the Nationwide Housing Prices (MoM) July with a 0.4% consensus, backing the failure on the USD side of things. Looking forward for the rest of the day, we see US Non Farm Payrolls and US Unemployment change. After the last release of Payroll data it is key to keep your eye on the markets as better than predicted results had shown growth in the sector and the Dollar picked up half a cent on previous results. As a trader would analyses everything before a market close and pick up any potential spikes. I hope the US Department of Labor bring us good results. This will also follow the FED’s speech at 16.15 GMT. All in all an interesting day for the markets and it could provide some volatility, very reminiscent of yesterday’s BoE and ECB interest rate figures. Mr. Carney’s pet project having a strong grasp on the markets and being very unpredictable. Stay up to date with the latest currency news over on our Twitter page @CurrencyIndex or talk to one of our specialists brokers to help you get the best savings on your overseas transactions.