Daily Archives: March 8, 2010
The Pound faces yet again another rocky week no doubt with a number of releases of note due out for the U.K in the next few days.
Firstly, we still have the dark cloud of a hung parliament hanging over our heads which has been one of the main factors holding Sterling back of late – this is likely to continue holding the Pound back in the lead up to the election.
Overnight tonight sees the release of retail sales data and house price balance data at 00:01am – any change to the expected releases may lead to volatility overnight for Sterling.
Tommorow morning will bring trade balance data for the U.K – I personally feel we may we this come out slightly better than expected due to the recent drop in value of the Pound which can only improve exports one would imagine.
Wednesday am brings industrial production and manufacturing production data in early morning trading followed by the fresh GDP estimate from the NIESR (National Institute of Social and Economic research).
Both releases may lead to market movements – The last production release was actually better than analysts expected so should this be on the up again further Sterling strength may be seen.
The NIESR estimate could potentially throw the cat amongst the financial pigeons should they estimate that the U.K GDP figures are due to dip again leading towards a potential double dip recession… should this be the case the Pound may drop dramatically.
On top of all the data releases the currency markets are there to surprise us too, so be wary of any mention of QE by the Bank of England, any speeches from Alistair Darling or issues surrounding Greece over the course of the week.
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Have a great day and thanks for reading!