Pound down as Euro strengthens

With the EU referendum drawing closer and the hot topic of discussion at present the rates are constantly reacting to any information being released by the media whether it be from the public taking part in polls to public figures addressing the issue in front of the camera. Sterlings surge against the Euro seen in April has seemingly come to a halt and in the last week has reversed seeing the Euro gain around 3 cents on the Pound. This was with help from positive inflation data coming from the Eurozone and also negative data from the USA. With the EU vote less than 2 months away the Pound may now start losing significant ground that it had gained and stay in this negative trend. Sterling Also lost over 3 cents on the Dollar last week with consistently poor data releases being key and sentiment going against the Pound.

A fairly slow start to the week as no notable data releases over Monday and Tuesday. Wednesday Manufacturing production and Industrial figures are to be announced in the UK. Industrial Production figures and posed from the Eurozone on Thursday at 9.00am. Later in the day Bank of England Governor Mark Carney holds a meeting regarding the UK interest rate, although it is not expected for anything to change whenever Mark Carney address’s the interest rate the markets reacts and is highly volatile during his speech. In the afternoon, the US record Initial jobless claims data and also Import and export figures. On Friday GDP figures are announces from the Eurozone at 9.00am with retails sales following from the US at 12.30pm.

This week’s data releases:
Monday:
14.00 – US – Labor market conditions index
23.00 – UK – BRC retail sales monitor
23.45 – NZD – Electric card retail sales

Tuesday:
05.45 – Germany – Unemployment rate
06.00 – Germany – Imports, Exports, Current account & trade balance
20.00 – NZD – RBNZ financial stability report
21.00 – NZD – Governor Wheeler speech

Wednesday:
01.30 – AUD – Homes Loans & investment lending for homes
08.30 – UK – Manufacturing production & industrial production
14.00 – UK – NIESR GDP estimate
18.00 – US – Monthly budget statement
22.30 – NZD – Business NZ PMI
23.00 – AUD RBA assist gov Eddy Speech

Thursday:
01.00 – AUD – Consumer inflation expectation
06.00 – Germany – Wholesale price index
09.00 – Eurozone – industrial production
11.00 – UK – BOE interest rate decision
12.30 – US – Initial jobless claims, Import and export price index

Friday:
06.00 – Germany – Consumer price index and GDP
09.00 – Eurozone – GDP
12.30 – US – retail sales autos

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