Quiet day on the market
With the bulk of yesterdays movement happening on the back of early data releases and parliament news, today was always expected to be a relatively quiet day on the FX markets. This didn’t disappoint with GBP/EUR remaining range bound and trading within a 60 pip range. A positive piece of economic data helped boost the Pound with low key job data all coming in better than expected. This helped GBP/EUR break through €1.1200 at mid-market but, with the data not having much affect, parliament now being closed and no Brexit related news the Pound struggled to hold onto these gains and finished the day roughly where it started.
Whats happening with GBP/EUR this week?
With our politicians on an extended holiday now the focus of investors may (finally) switch to economic data. It will be a quiet week on the GBP side of things with all of the UK releases finished. It doesnt mean GBP/EUR will be quiet with the ECB meeting on Thursday and publishing their next interest rate move, this is closely followed by a press conference by ECB president Mario Draghi. If he hints at any future moves on monetary policy the Euro will react accordingly.
Of course, if there are any developments with Brexit there will be moves on the Sterling side of the market, having a personal broker like Optimal Currency on your side will enable you to react quickly and efficiently. Open an account below to access our market knowledge and tools.