Weekly Market Report 15/05/17

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Weekly Market Report – 15/05/2017

Has the pound steam train come to a halt?  Sterling had seen higher grounds of late as it propelled itself into the biggest gains since Pre-Brexit. However last week resistance seemed to have been hit. GBP/USD couldn’t break above 1.30 and GBP/EUR struggled to hold over 1.1850.

The general election had caused GBP strength as the Conservative party seemed to have been walking away with it, however a battle is beginning to take place, and GBP is becoming volatile on the back of it. The BOE have also cut inflation forecasts which has damaged the pound in early morning trading.

The euro, meanwhile, received a shot in the arm from Germany’s Q1 growth data. GDP in the Eurozone’s largest economy came in at 0.6% in the first three months of 2017 – making it the best performing G7 economy.

Across the Pond, poor retail figures kept GBP losses low against the greenback while the EUR took advantage to soar above 1.0950.

What does this mean for the average buyer/seller?

Market watching now is very common and picking the right moment to buy your currency seems tough. In these times using hope as a reliable economical tool is not sound financial planning. The best way is, to plan with your trader to help you realise the best times and offer you the various tools at your disposal to get the most out of your currency transfer.

 

DATA RELEASES

15/05/2017 19:00 – Theresa May Speech – GBP

16/05/2017 01:30 – RBA Meeting Minutes – AUD

16/05/2017 08:30 – CPI – GBP

16/05/2017 – 09:00 – GDP EUROPE – EUR

18/05/2017 – Unemployment Aus – AUD

 

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