Slow end to week after busy start
18 July, 2014
After the large movements seen in rates following UK inflation on Wednesday and unemployment on Thursday we saw a relatively quiet and stagnant day yesterday in the markets. In a day of little data Euro CPI came in as expected at 0.8% so no surprise there, however interestingly throughout the day’s trading GBP>EUR rates dropped off by almost 0.5 of a cent. This may largely be in part to the rapid growth in rates pound has recently benefited from recently, as we would normally see relatively flat trading given the expected results. Therefore a word to the wise – given the number and impact of all the recent positive data added together with rapid growth in GBP rates, without further good news we may well see a contraction in rates as seen today. So any of you with upcoming Euro purchases would be well placed to get in touch sooner rather than later to take advantage of the current levels – close to the best they have been in 2.5 years.
Yesterday was a fairly good day for the USD as of the majors. In the morning Building permits and housing data was slightly under anticipated, however the afternoon held better news for the greenback as both jobless claims and manufacturing data came in above expectation. Albeit all these releases were of no major note, they helped the currently struggling USD and throughout the days trading it gained almost 50 pips against GBP and 30 pips against EUR. Today we have a quiet day in the way of data from the UK or Europe, so prepare for rates to slowly tack down as mentioned previously. Across the pond we have Reuters Consumer Sentiment index which is a heavy hitting report and one that could galvanise today’s stolen ground, or could quickly erode the same. Again with the USD so weak it is precariously perched so stay in close contact if you have any upcoming USD requirements. We also have a raft of consumer price index data from Canada so it may be a turbulent day for CAD.
Speak to you Currency Index broker today for some friendly and professional guidance on how to get the most out of your currency transfer – we can help you stay well informed and well ahead of the market.
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