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A host of data releases today have the potential to be market movers (Alistair Ryan)
Today has the potential to be a busy day for GBP/EUR rates with a host of key data releases due to be released. First up at 9am we have the European Central Bank (ECB) Monthly Report. This release will contain how the ECB feel about the current economic situation in the Eurozone and the economic outlook. This always has the potential to move the markets if the ECB announce anything that was unexpected. Following this at 9:30am we have production figures for the UK. This gives a good overall indication of strength within the UK manufacturing sector. If this comes out either above or below the expected -1.6% then I would expect some short term Sterling strength or weakness respectively.
Arguably the biggest release of the day will be The Bank of England Interest Rate Decision at 12:00pm. I personally expect this to be a non event and have very little effect on the markets but for anyone who knows how the markets move they will know that an interest rate decision always has the potential to be a major market mover. It is my opinion I think that the BoE will keep interest rates on hold at 0.5% as we still have a very poor growth forecast. This will be followed by an announcement on whether we will see further Quantitative Easing (QE) in the UK. Quantitative easing is generally seen as negative towards a currency as it increases supply. Again, I can’t see the BoE announcing further QE this time around but these announcements are definitely worth keeping an eye on for anyone who has an upcoming GBP/EUR requirement.
We have a number of different contract options here that can help you safeguard your funds against adverse market movements. If you would like to speak with one of our knowledgeable, professional currency brokers then please feel free to contact me direct at [email protected]
Source: http://www.eurorateforecast.com/2013/05/09/a-host-of-data-releases-today-have-the-potential-to-be-market-movers-alistair-ryan/
