Quiet before the storm

This week do far has been relatively quiet in the way of data releases, and indeed today there are only two of significant note that are likely to cause any movements in the market. Today sees ECB chief Mario Draghi speak early on in the day with the release of US Q1 GDP figures this afternoon. Take note as recently Draghi has done a fine job in spinning Eurozone recovery and pushing Euro strength so the month-long highs we saw the pound rise to yesterday could be fast eroded. And with the US Q.E/ Asset purchase scheme heavily up in the air at the moment it will be interesting to see if this causes any swing in the EUR/USD rate as GDP figures are set to come in as previous. All eyes are likely to be focussed on tomorrow and Fridays data and the potential movement that could be seen. Today we have Eurozone unemployment change which is predicted to come well under the previous result – down to 8k from 21k, and UK GDP which whilst predicted to come in as previous, recent results have shown massive shifts in these figures. Recently as we have seen the GBP/EUR range converging and as we move ever closer to Mark Carneys appointment, a shock result in either of these reports could break the balance and the GBP /EUR rate could see fast and significant movement. Indeed in the UK – Q.E or not Q.E? Is still the question, and it is likely in the coming weeks we will see w whirlwind of change in the economic outlook and indeed market rates. If you have any upcoming transfers to make, speak to your Currency Index broker now to ensure you don’t lose out on rates as it seems the squeeze is on for the 3 majors – USD, EUR and GBP. It is likely in the coming weeks we will see the recent range-locked pairings break out and you certainly don’t want to be caught out. Help us to help you stay well informed and well ahead of the markets. Remember that if you are sending money aboard to speak with one of our CI account managers to let you get the best rate.