Weekly Market Report 02/05/17

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EUR

Last week release from the European Central Bank, saw Mario Draghi in a hawkish mood, but this was expected. There were no surprises in the ECB’s monetary policy statement, in which the European Central Bank kept all three of its rates unchanged and confirmed that Quantitative Easing is intended to run until the end of December 2017 and beyond if necessary. The ECB mentioned they are waiting for political stability ahead of the second round of French election this Sunday.

GBP

GBP/USD reached its highest rate since September last year at just under 1.30. At Prime ministers questions Theresa May performed well. She made it clear time and time again that she is looking for a stronger Britain heading into next month’s general election and Brexit negotiations thereafter. Sterling also strengthened against the Euro as the rate headed back into the 1.18.

USD

Last week it was announced that the possibility of another interest rate hike in the US this year fell from 60% to 40%. USD/EUR rate reached its highest since November last year as it reached 1.09 mark. All eyes will be on the US this week with two major data releases with the FED interest rate decision on Wednesday and Non-farm payrolls for April this Friday.

 

Data Releases for the week:

Wednesday

Fed Interest rate decision

Non-monetary policy ECB meeting

Friday

Non-farm payrolls US

US Unemployment rate

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