This week ahead is set to be very volatile for sterling against a host of currencies. There are numerous data releases that will have an impact on the pound and a host of other majors. If you require making a conversion on your funds this week then you should keep a close eye on the following data releases and contact me so i can explain how you can benefit from our excellent rates of exchanges. Just drop me an email at firstname.lastname@example.org
Tuesday – For sterling the first major data release will be tomorrow morning in the name of public sector net borrowing. This release captures the amount of new debt held by the UK government. We are expecting levels to come out worse than last month’s release so sterling exchange rates could take a hit tomorrow morning.
Wednesday morning will bring the biggest data release for the UK with the Bank of England’s Minutes. This really will be key as it will indicate how many members of the MPC voted for QE and by how much. If their is any indication that some members wanted more than the £50 billion then it may bring some sterling weakness as further stimulus could be on the cards in the future.
The last major release will be on Friday with revised Q4 GDP figures. This is as big a release as they come. It is expected to show a contraction in growth for the UK economy and if Q1 for 2012 comes out the same then the UK will officially be in a recession. because we are expecting a contraction this Friday the losses may not be so sever for the pound but you may be wise to act well before this release.
For the pound against a host of other currencies you may be interested in the following releases.
Germany and the EU – With a host of data from PMI to GDP rates will be extremely volatile this week. The real key mover will be events in Greece. If they cut their budget which is pretty much expected and receive the agreement for their bailout then expect to see some good Euro strength. This will be key for clients looking at selling back their Euros. Be ready to act quickly though if there is a spike in the market as it may not be around for long!!!
For the US it is a pretty quiet week compared to normal. They have presidents day today so no releases and then over the rest of the week there is some home sales and jobless claims. I expect that the USD will have a range bound from 1.56-1.59 this week. if you see a movement above the 1.59 capitalise on the gain.
Australia – RBA minutes released early hours of Tuesday morning. Same as in the UK and if no indication of further rate cuts down under expect the Aussie to continue its rise of all time highs against the pound.
If you would like to discuss any major data release with us so you can find out how it may affect your currency transfer please feel free to contact me at email@example.com
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