Merkel and Draghi meet today

Yesterday saw the pound rise to a 2 week high against an ailing euro as poor eurozone data coupled with ongoing concerns surrounding Greece and Spain weighed heavily on the 12 bloc currency. Against the Dollar the pound did lose a little ground as investors left the riskier currencies of the euro and pound well alone although we are still at levels that are particularly good for those of you needing to purchase the greenback.

Today is very quiet in terms of data releases and attention will be on any noises that come from the Draghi/Merkel meeting with the former due to hold a press conference later on in the day. The key data release this week is UK GDP figures which are due out on Thursday and there is a mixed opinion amongst analysts with many expecting the data to be positive. The question then is how much has this already been factored into the market? We saw a few weeks ago that despite both the ECB and FED doing much as expected there was still room for the markets to move and with both the GBP/EUR and GBP/USD pairings moving within a 4% range over the last month there could well be further choppy times ahead.

If you don’t want to take the ‘will they won’t they’ gamble then please contact your account manager at Currency Index to discuss your requirements in more detail.