Sterling Starts Week Well Ahead Of Inflation
12 April, 2017
Monday saw the pound make gains across the board, although with no UK data released, the gains were limited.
With little around the globe for markets to go on they were still trading off the poor jobs data from the US from Friday, selling the dollar as both the pound and the euro made gains over the day. Monday produced just a low level EU investor sentiment survey and Greek inflation for investors to feed off, but with Greece in the spotlight yet again as they battle with EU chiefs and the IMF for their next round of funding to enable them to repay loans, the better than forecast results did little to help.
After lunch the only US figure came out way lower than last month, showing the labour market conditions decreasing, coming with little surprise hot on the heels of the lower non-farm payrolls figures from Friday. All in all the dollar slipped over half a cent against the pound and nearly half a cent against the euro ahead of a speech in the evening by Fed chief Janet Yellen.
Today, it’s all about UK inflation as we wait to see if the levels continued up over the last month or not and how that will affect post Article 50 sentiment among investors. We then wait to see the results from the EU and German ZEW economic sentiment surveys and EU industrial production, which is expected to drop a fair amount so if it’s not as bad as forecast, the euro could easily claw back some of its recent losses. The US is quiet again in the afternoon with just some low key jobs data and a speech from Fed member Kashkari late afternoon.
Inflation will be the key driver today so make sure to keep an eye on the CI news wires for any updates which will likely affect your upcoming transfers.
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