This evening Chairlady Janet Yellen from the Federal Reserve will address the public in regards to the interest rate for the next 30 days in the states. The general consensus on the market is that there is a 15% chance of a hike. Its key to note the most traded currency pair throughout the globe is EURUSD therefore when one of the currencies strengthens at times the other will weaken. The reason for this is that speculators transfer between the two currencies for profit taking.
If the predictions are correct and the US decide to hold off I wouldn’t be surprised to see GBPUSD rise and GBPEUR fall. Therefore if you are purchasing euros this week I would look to trade some point today. Where as for US dollars buyers I would take the gamble and hold off until later in the week.
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As there are limited data releases for the UK this week, its important to keep up to date with regular Brexit news and look ahead to next week. Mortgage approval data is set to be released 8.30 Thursday morning and is a good indicator to how the housing market is performing. Furthermore Friday morning the UK release their latest GDP numbers. I still believe it’s only time until we see a contraction in the UK economy, therefore I expect these data releases to come out worse than expected.
For further information on a specific currency pair feel free to email me the currency pair you are trading (GBPUSD, GBPAUD, GBPCHF etc) the reason for your trade (company invoice, buying a property) and I will email you with my forecast and the process of using our company [email protected].