Busy week on the currency market. Key data sets for GBP, USD, EUR exchange rates (Mike Vaughan)

Pound to Dollar forecast: Sterling continues to decline against the US Dollar
Michael Vaughan
Michael Vaughan

Sterling has remained relatively flat against the Euro and US dollar posting small gains of 0.25% and 0.15% respectively but posted some bigger losses against the AUD, NZD and ZAR. Looking at the rest of the week I have outlined some of the key data sets to look out for:

–          German GDP figures tomorrow at 07:00 – expected to show an improvement month on month shifting from 0.3% to 0.4% something that could lead to Euro strength tomorrow morning.

–          US consumer confidence tomorrow at 15:00 – forecast to show a small fall.

–          UK GDP figures Wednesday at 09:30 – forecast to show a fall month on month from 0.8% to 0.7%. May have been priced into the market already but I would still expect the pound to fall should the figures be as expected.

–          Euro Zone consumer confidence figures Thursday at 10:00 – expected to stay the same.

–          Euro Zone Industrial confidence figures Thursday at 10:00 – expected to post a small fall putting pressure on the Euro.

–          Speech from head of the FED Janet Yellen at 15:00 on Thursday. In her first month as Chairman  of the FED she may well be quite reserved but look out for any clues for future US monetary policy.

–          Euro Zone unemployment rate Friday at 10:00

–          US GDP data Friday at 13:30 – expected to fall from 3.2% to 2.7%  and could put pressure on the US dollar to finish off this week.

As you can see this week is a busy week leading up to the end of the month. Should you have an upcoming bank to bank money exchange to arrange and you would like assistance with your transfer then please get in touch. When making your decision about the timing of your transfer it is best to get as much information as possible. To find out more about the currency service we provide and the various contracts we can offer then please get in touch on 01494 787478. Alternatively email me with a brief overview of your particular requirement and I will happily get in touch to run through your options and to discuss the current market trends. Email Mike at [email protected]