Small boost for the Pound
12 April, 2017
Yesterday morning brought in a mixed result for UK data, with Retail Price Index down by 0.1%, Producer Price Index input and output both up YoY in March. Consumer Price Index also posted positive, up by 0.1%. UK Inflation results came in unchanged as expected, remaining at 2.3%.
Later in the morning, Euro Industrial production data posted 0.8% under expectations. Although a mixed bag, the pound reacted confidently and gained slightly against both the Euro and US Dollar.
Overnight China released their latest inflation figures posting 0.9% rather than the expected 1% and as we open doors this morning, we are greeted with a speech by Bank of England’s governor Mark Carney then more UK data in the form of Claimant Count, ILO Unemployment Rate and Average Earnings data all due at 9:30am. This afternoon, a selection of US data and then focus turns to the Bank of Canada where they are due release their latest interest rate decision and rate statement at 15:00, followed by the monetary policy statement at 15:30 and press conference at 16:15.
Yesterday’s trading day was Sterling positive with the pound gaining around 65 pips against the EUR and USD in the afternoon. This welcomed spike for the Pound brought great buying opportunities for Euro and Dollar buyers, however as we have previously seen, these spikes can be short lived so it may be sensible to think about your options should you have an upcoming requirement. So if you are trying to capitalize on your exchange rate in this uncertain period, then contact your broker today to discuss the options on hand.
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