Respite for the Pound
17 July, 2017
Nakhil Mahra
After struggling all week against most G10 currencies we saw the Pound bounce back and make vital gains late last week, with some sterling positive date on Thursday and a good day on Friday, following some poor data releases from the USA where CPI and Core Retail sales came in below expectations, this allowed the GBP and the Single currency gain a cent on the Greenback. This was the highest trading level for GBPUSD seen since September 16. The pound also gained 3/4 of a cent against the Euro, providing a much needed lift for those with a imminent transaction coming up to take advantage after dropping a cent at the beginning of the week.. With momentum built going into Monday’s trading it could be beneficial to get your trades done early doors to avoid any drop that could possibly occur during the day.
With focus last week back on Theresa May and her position back under threat and her leadership abilities under scrutiny, it remains to be seen if she will gain the support she is looking for to lead the UK out of Europe or if her position will be challenged. The constant challenges Mrs. May is facing and uncertainty still surrounding the pressure will remain on Sterling by all major currencies. With Brexit talks due to start again this week for another round, could be a key week for the UK political climate with any negative outcome putting more pressure on Theresa May, especially now that more MPs are favoring a softer Brexit.
This week again is a busy week with particular focus on Tuesday with Carney speaking and Thursday a ECB press conference, with both these speeches historically capable of changing the markets dramatically. Speak to your account manager to stay up to date with the markets.
Monday
10.00 EUR Final Core CPI
11.45pm NZD CPI
Tuesday
9.30 GBP CPI
2.30PM BOE Gov Carney Speaks
Wednesday
1.30 USD Building Permits
3.30 Crude oil investments
Thursday
2.30am Employment Change
2.30am Unemployment Rate
BOJ Policy rate/Outlook report
9.30am Retail Sales
12.45 EUR minimum bid rate
1.30pm ECB Press
1.30pm USD Unemployment claims
Friday
1.30pm CAD CPI
1.30pm CAD Core retails sales
Archive
- 2020 (59)
- 2019 (190)
- 2018 (229)
- 2017 (253)
- 2016 (254)
- 2015 (253)
- 2014 (252)
- 2013 (287)
- 2012 (270)
- 2011 (576)
New Articles
- Brexit deal to be done, or going, going, gone? 25 November, 2020
- Sterling starts the week down from the highs of last week 16 November, 2020
- Votes are in – albeit still being counted, will Donald trump Joe? 4 November, 2020
Categories
- No categories