Quiet week for the Pound, I think not
29 May, 2013
Albeit this week is a relatively quiet on in terms of data releases for the pound don’t think that the GBP rates are unlikely to be affected. Today sees some important data out of Europe with German unemployment figures and consumer price index both released. These are important releases and certainly have the ability to move the markets dependant on their outcome, and given the recent bullish nature of the Euro despite some very poor results, don’t be surprised if we see a further drop in rates should the data hint anything positive for the single currency. However on the other side of the coin given the fact Germany has been one of the few countries bolstering the flagging Eurozone nations throughout their economic difficulties, should the data come in under expectation we could see a small spike in rates, which when Eurozone Consumer Price Index data is released on Friday again could be exacerbated. If you have a Euro transfer to make – either buying or selling – it is worth speaking to your Currency Index broker soon to take advantage of any potential movements in what has been a down-trending rate so far this year.
The pound could likely come under further fire tomorrow also from the USD as they release GDP figures and personal consumption expenditure – data which has the potential to swing the markets. Certainly given the recent raft of positive US data and given the fact they seem to be storming away from the fiscal cliff they faced at the end of last year, it wouldn’t be a surprise to see further positive results here and for the USD to continue its recent onslaught against its major counterparts.
For anyone who has any transfers involving GBP, USD or Euros this week (either buying or selling) make sure you speak to your Currency Index broker to stay well informed and well ahead of the markets. Despite a quiet week for the pound, given the other data releases we could still see some swings in the rates of these major pairings which you might like to take advantage of.
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