Quiet UK Day for Data
24 February, 2017
In terms of data yesterday, no big market moving results to report. German GDP was released as expected but posted negative for the Consumer Confidence Survey. Swiss industrial production posted -3.3% YoY for Q4. In the afternoon, the US posted negative figures for Initial Jobless Claims with 3000 more people claiming this month.
Today we end the week on another quiet day for UK data, only economic data to note is Canadian Inflation at 13:30 followed by US New Home Sales data at 15:00.
So far this week we have seen the Pound perform better than previous weeks, and on Tuesday Sterling/Euro rates managed to reach new highs for the year, despite mixed results for UK GDP on Wednesday and the levels have so far managed to stay put. But for how long?
If you have an upcoming requirement it might be a good idea to secure your currency sooner rather than later. Rates have been trading in a tight range these last few days and with no significant UK data out for the remainder of the month, the next big event is the official trigger of Article 50 due just around the corner, so could these current rates be the calm before the storm? There is still a long road ahead for the UK while we exit and negotiations for trade deals etc take place, so if you are concerned about rates please do get in touch with your broker here at CI and we can discuss the options we provide to help you secure your requirement.
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