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Could the Pound end the week on a high against the Euro? (Tom Holian)
We are now nine days since the triggering of Article 50 when Theresa May officially announced that we will be leaving the European Union.
There has been a small lift in the value of Sterling vs the Euro and the markets are now turning their focus back on to what is happening in the economies both here and in the Eurozone.
We have already seen Industrial & Manufacturing data for the UK come out lower than expected this morning but we are just about to hear what Bank of England governor Mark Carney has to say about the economy when he makes a speech at 10am.
If his tone is a bit more bullish and he shrugs off Brexit fears then we could see the Pound make a recovery against both the Euro and US Dollar during this morning’s trading session.
However, the main event of the day will be when the latest set of UK GDP data for the previous 3 months is published by the NIESR this afternoon.
I personally think this data could come out quite positively as UK Retail Sales which were published recently were very impressive. Although this GDP release is not the official one it is usually very accurate and this is why I think we could see Sterling end the week on a high.
Later today the US publishes Non-Farm Payroll data which is often the biggest market mover in a month. With US unemployment close to an historic low if the figures provide further evidence of a strong economy then I think the US Dollar will strengthen and this could end up with Euro weakness.
Potentially good news if you’re looking to buy Euros at the moment.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]
Source: http://www.poundsterlingforecast.com/2017/04/07/could-the-pound-end-the-week-on-a-high-against-the-euro-tom-holian/
