The week ahead

Last week was a relatively busy one in particular for the pound as a new Bank of England Chief Mark Carney began his appointment on the 1st, and with the BoE and ECB both making interest rate decisions on the 4th. With both institutions announcing no change in interest rates, and the BoE making no change to the current asset purchase facility / Q.E interestingly the pound lost major ground against both the Euro and USD, loosing almost 2 cents in ten minutes. Certainly it has been noted that Carney feels the pound is overpriced, and the fears of further Q.E have been echoing for some time – so the pound should be watched carefully for any continued loses. Without doubt as Carney settles in to his new role and policy becomes more apparent this will be a big influence upon GBP strength and indeed exchange rates over the coming months. With a quiet week in the way of data we could certainly see further movement against the Pound particularly given that in recent time Mario Draghi has done a great job of promoting Euro recovery, so if you have any transfers buying or selling Euros speak to your broker soon to try and avoid disappointment. Monday EUR ECB president Draghis speech Tuesday GBP Industrial Production (Mom) May GBP Manufacturing Production (YoY) May CNY CPI (MoM) June CNY CPI (YoY) June GBP NIESR GDP Estimate (June) Wednesday CNY New loans (Jun) USD FOMC Minutes Thursday AUD Employment change (Jun) AUD Unemployment rate (Jun) JPY BoJ Interest rate decision JPY BoJ Monetary policy statement JPY BoJ Governor Kuroda Speech EUR ECB Monthly Report Friday USD Reuters/Michigan Consumer sentiment index USD US Non Farm Payrolls Don’t be fooled by what might seem a relatively quiet week – If you have any upcoming currency transfers to make particularly involving GBP make sure you speak to your Currency Index broker. We help you stay well informed and well ahead of the markets when sending money abroad.