Market Update – 10/04/17

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GBP

After a few strong trading sessions from the pound, Sterling suffered a mixed bag last week on the back of some varied data releases.  UK manufacturing and construction data was lower than expected on Monday which caused Sterling to dip against both the Euro and the Dollar. The posted figure of 54.2 was lower than the expected 55.1 figure, but as the number was still above 50 it still represents growth in the sector. The pound fared slightly better on Wednesday as PMI figures were better than expected. Service figures came in at 55 against a predicted figure of 53.5 which gave Sterling a boost. The pound remained steady against the Euro all week as Theresa May triggering article 50 seemed to stabilise the previously volatile market. GBP traded within a cent against the EUR all week between 1.165-1.175.

 

USD

USD hovered around 1.24 for most of the week against the pound and stayed around 1.06 against the Euro. On Friday, the US announced the non-farm payrolls for March. 180k was predicted however it came in far below this at 98k. This unexpectedly saw the greenback strength, as GBP/USD Rate dropped below the 1.23 mark and fell below 1.05 against the Euro.

 

EUR

A tough week for the single currency saw it lose significant ground over its major counterparts. GBP & USD both made noteworthy gains closing the week above 1.17 and below 1.06 respectively. Anti-EU protest parties across the continent have gained support from voters fed up with the failings of other countries and the loss of control to bureaucrats in Brussels. This seems to be the main catalyst to the EUR losing ground.

 

Key Data

  • USD – Yellen Speech – 10/04/17
  • GBP – UK – CPI/PPI – 11/04/17
  • GBP – Unemployment – 12/04/17
  • CAD – Interest Rate Decision – 12/04/17
  • EUR – German CPI – 13/04/17
  • USD – Retail sales – 14/04/17

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