Stagnant Markets

The first trading day of the week was a fairly dull one, with no significant data releases throughout the day to rattle the currency market the rates remained somewhat stagnant. The only mover was the Dollar as it made small gains on both Sterling and the Euro carrying on its momentum from the gains made last week and over the weekend. The rally was on the back of the US court lifting the ruling on the seven countries that were banned from entering the United states handed down by president trump. The greenback rallied on yesterday and has since gained well over a cent on both Majors. In the early hours of this morning the reserve bank of Australia announced that it is to hold rates at 1.5 % for the 6th consecutive month. The RBA was widely expected to keep rates on hold at its February meeting after cutting rates twice last year, first in May to 1.75% and then in August to its current historic low of 1.5%.

It looks to be another quiet day on the data front with little to note, this morning at 7am Germany released GDP figures which came in lower than last month giving Sterling a small boost on the euro however those gains have been short lived as U.K. house pricing has come in at 0.9% lower than expected at 8.30 this morning. Later in the afternoon the US will release trade balance figures at 13.30pm and in the evening at 8pm the US will also post consumer credit change figures.

If you have a requirement coming up to send money abroad then keep in close contact with your account manager here at currency index to be kept up to date with the rates and what impact certain data releases could have.