Quiet start to the week, USD the focus
28 October, 2014
It has certainly been a quiet start to the week with yesterday offering very little data of any major note, and as such very little movement. In the morning some negative IFO data from Germany which came in under expectation, however this was overshadowed by some data of lesser note from the Eurozone on private loans and money supply came which cane in better than expected. Overall throughout the day EUR strengthened against GBP – perhaps we are seeing the first shift given the current slightly negative outlook for GBP?
USD lost some ground off also off the back of the positive EUR data, coupled with poor results for Markit PMI and pending home sales and throughout the day lost around 50 pips against both.
Today we have another relatively quiet day – aside from some minor import data from Germany the focus is very much on USD as we see a raft of data from the US released including consumer confidence and durable goods orders. As such any movements particularly in the majors will be subject to how the dollar performs, so we could see a continuation of yesterday’s trends should the dollar be weak and can also expect a further drop in GBP>EUR rates for those of you transferring money in Euros, if this is the case.
In fact this week is a very busy one for the Greenback as tomorrow we have a Fed interest rate decision and Thursday GDP data. So take note any of you with upcoming USD requirements as it will no doubt be a busy week for USD crosses and with the amount of data released we could see a significant swing. It is also worth nothing that USD data can also move GBP/EUR parings so you are well advised to keep in close contact with your CI broker should you have any upcoming transfers to make to avoid any potential disappointment.
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