Resurrection of Markets Following Labour Day

2 May, 2019

Paul Newfield

An extremely quiet day yesterday saw no significant updates regarding Brexit, other than continued cross-party talks that are deemed to be positive and making progress. As it was Labour Day in most countries there was also nothing in the way of data or eco stats. Due to this, the pound traded fairly flat across both the US dollar and the single currency Euro. Significantly, however, the pound is now at month highs against the euro, climbing a quarter-cent yesterday evening after the trading day had come to a close.

This does mean, however, that on the day of local election polls opening, we are due an overload of publications from not only the UK but also from Europe and the USA. Markit Manufacturing is due from a raft of EU nations this morning between 8:15 am and 9:30 am, including the UK. The most important one of the day and the one most likely to have an impact on exchange rates is the Bank of England interest rate decision, MPC vote, minutes and quarterly inflation report all due at 12 pm with Governor Mark Carney speaking at 12:30 am.

The afternoon then sees an array of employment/jobs data from the USA after lunch, with the ECB’s Praet rounding off the day at 6:30 pm with a speech and for those of you that are very much risk averse, it may be prudent to get in touch with your currency consultant here at Currency Index, before the major UK eco stats late morning. We offer a number of transfer options and can lock in rates well ahead of when you need to make a transfer, designed for you to stay ahead of developments leading up to what should be the marvel of the Brexit endgame.