German GDP Data to set the tone on Thursday
Donald Trump had a busy day on Twitter today, with very mixed messages and reaction. After tweeting his respects to those tragically killed in the 9/11 attacks 18 years ago, he followed up moments later with yet another attack on the Federal Reserve and chairman J Powell, calling them “Boneheads” for not reducing US interest rates to “ZERO, or less”.
The markets in Europe meanwhile are gearing up for news out of the German economy tomorrow and importantly the latest Interest Rate meeting and press conference from the European Central Bank. Tomorrows action is more important in the light of leading German think tank, the Kiel Institute, suggesting the EU’s economic powerhouse is on the verge of slipping into recession, citing Brexit uncertainty and the global repercussions of the US-China trade war.
Look out tomorrow for the German month on month CPI figure at 7am and then the potential big mover of the day, the 1.30 press conference from the ECB following their 12.45 rate announcement.
With developments unfolding live in the UK parliament after Scottish Judges label Boris Johnson’s Government shutdown illegal, the market is focusing as much on real economic developments as it is on the ongoing Brexit farce. This has lead to some Euro weakness in the last few days giving the GBPEUR rate some well needed respite after weeks of tough times for sterling.
To get live reaction and views on market action or just to chat about Donald Trump’s tweeting habits, call one of our experienced and dedicated currency brokers to see how such events could affect your currency trade.
The difference between the high hand low on GBP EUR rates in the last week is 2% or in the context of a €250,000 property, £4,500 more or less in your pocket!