It was a relatively quiet week on the currency markets last week. With no real news coming from Brexit talks and all data points coming in close to the anticipated GBP crosses remained quite flat. GBP/EUR peaked at €1.1304 before settling in the mid €1.12’s. There was slightly more movement in GBP/USD with the cross moving within a 2-cent range before ending the week at $1.2334.
What may move the markets this week?
As always on a Monday we will take a look at the week ahead and what may move the currency markets. When it comes to currency there are various factors that affect the exchange rates, including geo-political economical and even natural disasters that can change how much you pay for your currency.
There is a lack of data from all sides today. We will have to wait until the evening when we have a speech from FED chair Jerome Powell. With his huge influence over in the US his views and comments are always taken seriously and can move markets quite significantly.
Another day where central bank speakers will dominate proceedings. We have speeches from Bank of England members Haldane and Tenreyro, FOMC member Evans and FED chair Powell again.
No data releases from the UK or the Eurozone again today I wouldn’t expect much GBP/EUR movement. Across the Pond we have Crude Oil inventories and another speech from Jerome Powell.
The first piece of influential data from the UK data in the form of GDP figures. This is a very important piece of data when it comes to the UK’s economic health, the expected figure is due to come in at 0.0%. Any deviation will cause GBP volatility. We have more minor points from the UK and a speech from Mark Carney so we could see a busy day. US CPI will bring the data to an end today.
A quiet end to the data week with job figures from Canada which will influence the Loonie. If you have a Canadian Dollar requirement today will be an important day for you.
There may be some fireworks relating to Brexit today with a potential decision from the EU regarding Boris Johnson’s latest deal offer.
If you have an upcoming currency exposure, be it personal or business, get in touch with Optimal Currency. An experienced broker will then talk you through the options available to you and help make the most out of your transfers.
Have a great week.