Peaks And Troughs
21 February, 2014
Sterling had a choppy trading day on Thursday, trading in peaks and troughs against most major currencies. With a lack of data it was left to investor sentiment to run things and data from elsewhere.
The one clear gain for sterling was against the single currency euro and the currencies which vaguely follow the euros trend. A raft of poor Eurozone data releases in the morning set the tone, with the main points to note being EU and German Markit manufacturing and services PMI which all came in lower than expected. The gains however were not major, with sterling managing half a percent rise against the euro and the Scandinavian currencies. Eurozone consumer confidence in late afternoon also didnt help, showing confidence is faltering faster than forecast.
The afternoons trade was US led, with the release of inflation figures. The jobless claims came in lower than forecast while inflation was as expected. The data gave the greenback some positive movement against the pound, which has recently been giving the best rates in four years for dollar buyers.
So to end the week, we have data from most major zones to contend with.
Inflation data from Italy to kick off the day, followed by UK retail sales and public sector net borrowing figures data from Italy to kick off the day, followed by UK retail sales and public sector net borrowing figures
For the EU we have the European Commission’s growth forecast release at 10am which is a key release so depending on the outcome we should see some movement.
After lunch we get Canadian inflation figures and retail sales followed by US home sales and a speech by the Fed member Bullard.
Plenty to contend with and still decent buying levels from sterling so if you have an upcoming transfer to make, contact one of the team to discuss your requirements.
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