Minimal data out today for the U.K – European growth and U.S employment figures the large releases of the day – Political issues in the U.K also key this week

Will the Pound Lose Further Value Against the Euro?

We have minimal economic data out for the U.K today, the Pound has remained fairly flat in early morning trading.

As the day progresses we do have other economic data releases from around the world that may impact the Pound against the Dollar, Euro and Canadian Dollar along with other major currencies.

At 10:00am today we have the release of European growth figures, expectations are for the quarter on quarter figures for the first quarter of 2018 to remain at 0.4% with year on year growth unchanged at 2.5% as well. Any change to these expectations may lead to a volatile morning for the Euro, is has been mentioned in recent times that growth around the Eurozone has slowed a little so should this be shown in the figures today the Euro may weaken.

Later in the day we have jobless claims figures out from the States which of course will be important for both the Dollar and all major currencies as it will impact global attitude to risk. Non-farm payroll data, which is the number of people in non-agricultural employment came out better than expected last week so we may see further positive news for the Dollar should these figures follow suit which may push GBP/USD rates back down again in trading today.

On top of all of this we still have a huge amount of problems hanging over the head of the Government, mostly regarding Brexit and their plans going forward regarding this. There are reports that David Davis,  Secretary of state for exiting the European Union is not happy with the current plans set out by Prime Minister Theresa May and may even stand down from his position, should this happen then I would expect that uncertainty for the U.K would increase and the Pound could easily lose value fairly rapidly.

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