Strong Pound. Some concerns over lack of data.
31 March, 2014
Matthew Boyle
Last week was a largely positive one for the pound, following the hugely positive retail sales on Thursday which came in way over prediction – up to 3.7% from a predicted 2.5% . This took the pound to 3 week highs against the Euro and was perhaps aided by a raft of poor CPI data on Friday from the Eurozone. The pound also gained just over a cent against the greenback throughout the week, against a USD which has been slowly strengthening over the past fortnight. It would seem at least in the short term some strength has returned to the pound, as it also made gains against a number of the minor pairings as well.
However, whilst this week is a fairly busy week for data we have little in the way of major releases for the pound. This could spell concern as in recent weeks we have seen how in this situation – where no UK data is released – ground can easily be lost and quickly. Take note therefore that despite the short term strength for Sterling, without any data positive releases for Euro and Dollar could see a reversal of last week’s gains and potentially further erosion, so any of you who have Euro or Dollar purchases in the near future would be well advised to keep in close contact with your Currency Index broker to avoid any potential disappointment and a drop in the rates.
Monday
09.00 EUR CPI data
17.15 GBP BoE Mark Carneys speech
Tuesday
03.30 AUD RBA Interest rate decision
07.55 EUR Unemployment Change
07.55 EUR Unemployment rate
14.00 USD ISM manufacturing
Wednesday
09.00 EUR GDP data
Thursday
02.00 AUD RBA Governors Glenn speech
12.30 EUR ECB monetary policy and press conference
14.00 USD ISM non-manufacturing
Friday
12.30 CAD Net change in unemployment
12.30 CAD Unemployment change
12.30 USD Unemployment rate.
Currency Index can help you stay well informed and well ahead of the markets.
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