Slow start to the currency week

7 October, 2013

Matthew Boyle

This week starts particularly quietly in the way of major data releases, especially today as we see no releases of major note. As such we may see many of the currency pairings remain range bound, however as the week progresses we see a raft of high impact releases which is likely to cause increased volatility, particularly for the big three – USD, EUR and GBP. In recent weeks we have seen the Pound make gains against most of its major counterparts – welcomed by many of you – in particular gains against the USD and Euro. The end of last week saw more good news for the pound with announcements that UK house prices are now at a 3 year high and UK services sector growth is at a 16 year high. This further galvanized the gains the pound had made earlier in the week taking it to near 9 month highs against both the single currency. Non-farm payrolls was cancelled on Friday due to the US budget crisis, is expected this Friday instead. If any of you have a transfer to make particularly if you require USD or Euros in the coming weeks it may be wise to speak to you Currency Index Broker sooner rather than later to take advantage of these fantastic rates. As the week progresses and we see more data is released, there is a chance that these gains may be reversed and you may miss out. Many of you may also like to consider forward booking your currency to make sure you don’t miss out! So if you have an upcoming requirement speak to your Currency Index Broker today….we can help you stay well informed and well ahead of the market.