Uncertainty for this week
29 April, 2013
Following last week’s surprisingly positive UK GDP figure, the Pound is currently experiencing significantly improved levels across the board – highlighted by rates not seen since February against both the Euro and the US Dollar.
This week is slightly unusual in that we have month end mid-week and as such some of standard monthly data releases are all coming out in a bit of a rush, while some are absent from the normal schedule, albeit with very little input from the UK.
Monday and Tuesday are dominated by figures out from the Eurozone, with various pieces of consumer/industrial and services data this morning, followed by German CPI at lunchtime, and then German retail sales and unemployment tomorrow. This is also accompanied by Spanish GDP figures and also overall Eurozone CPI and unemployment as well.
As we get to the middle of the week the US comes into the picture with consumer confidence figures on Tuesday afternoon, but more importantly Manufacturing PMI and the FED’s interest rate decision and monthly monetary policy statement in the evening.
Thursday sees Europe take over again with the ECB making their monthly policy statement at 12.45 (unusually not accompanied by the Bank of England’s due to the month ending mid week) following various European manufacturing data in the morning.
This is all before the US takes over again on Friday with the biggy from across the Pond – Non-Farm Payrolls at lunchtime. There is also European PPI in the morning, but the US’s unemployment data, following last month’s surprise drop is critical to the overall picture of their economy.
What does this mean for your currency purchase? One word – uncertainty. With rates at 2 month highs, now could well be the right time to book your rate, before we enter this week’s rollercoaster, where the fragile Pound could well be the loser as the other players dominate possession of the market.
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