Pound loses more ground

Yesterday saw a bad day for the pound which is most likely due to the poor UK Manufacturing figure released at 9am. We saw the pound begin the trading day at 1.38 and gradually drop just over a cent against the Euro. However, towards the end of the trading day the pound has tried to regain some loss and pushed closer to 1.38 following the NIESR GBP estimate which met consensus. EUR Gross Domestic Product stats were also released yesterday and did not fail to meet market expectations and remained at 1.6% year on year. For those of you with a Euro purchase coming up keep in mind that the current rates are only a few cents below the absolute highs, so you can still secure at encouraging levels

Today follows this week’s trend of a quiet week with very little to go by on data releases.As our trading day closes, with little to no major dates releases to cause volatility in the rates during trading hours. The eco-stats focus is on the Reserve Bank of New Zealand who are releasing their interest rate decision at 8pm this evening which is expected to post a figure of 2.50% compared to the previous figure of 2.75%. This is followed by NZD monetary policy statement and press conference given the Governor of the reserve bank. For those looking to trade NZD this may be one to keep an eye on as his comments may influence some volatility and short term trend.

Thursday’s main data release to look out for include AUS Employment Rates which are being released at 12:30am, followed by Switzerland latest interest rate decision at 8:30am. Start of the trading day kicks off with GBP Trades and Goods Balance at 9:00am and at lunchtime the Bank of England lasted interest rate decision and minutes is due.

As always if you have an upcoming requirement, get in touch with your account manager or one of our friendly brokers here at Currency Index if you would like to discuss your options and secure your exchange rates.