Pound Sterling and majors – The week ahead, data you need to be aware of! GBP, USD, EUR, AUD, ZAR, NZD and more
This week promises to be an exciting one again for the Pound, less because of major data releases within the U.K but for those overseas, however do be extremely wary of Consumer Confidence figures out for the U.K overnight tonight. Confidence in the U.K is not exactly at great heights, as reported recently our U.K ‘misery index’ was sitting at the highest in 17 years which I would imagine has a small correlation – the markets do move overnight so if you have an imminent trade to carry out it may be prudent to get in touch before this release.
The three most notable of the overseas releases are firstly the Federal Reserve minutes, much like the Bank of England minutes they confirm economic plans going forward and can move all currencies as investors rush to shift around funds here there and everywhere depending on what is said. Be aware this is out at 19:00pm tonight when we will be closed.
German GDP (Gross Domestic Product) data due out on Thursday morning at 07:00am and U.S Non-Farm Payroll Data due on Friday at 13:30pm. The first of the two (German GDP) is a big release for those buying or selling Euros, with Germany being the largest economy in the Euro Zone their Germany’s growth will be key to the Euros performance first thing on Thursday.
U.S Non-Farm Payroll data can affect all major currencies and on its last release we saw a great movement for the Pound against the AUD, NZD and ZAR however rates can move either way dependent on how this release comes out. The data release is notorious for being predicted incorrectly and is as bigger market mover as interest rate changes so be prepared and make sure you are covered with either a limit or stop loss order to cover you on adverse market movements in what is an extremely volatile market.
If you need to transfer funds over the next few weeks, let me know djw@currencies.co.uk and I will keep you informed of market movements. Even if you don’t have full availability of funds, you can reserve your rate for a small deposit with a forward contract.
