Slow start of week for data sees pound lose ground

In what was a very quiet day in the way of data yesterday we saw as expected the pound lose ground across much of the board, most noticeably against USD and EUR. Throughout the days trading by close of play GBP had lost around 25 pips against the single currency and nearly 50pips against the greenback. This news comes as little surprise given the lack of data combined with the huge growth pound rates over the past year, but also within the past few weeks. Certainly without any further good data from the UK we are likely to see rates continue to contract, and any positive data from the US or Europe could catalyse this, so stay in close contact with your CI broker who can keep an eye on rates for you if you have anything upcoming.

Today we see USD take centre stage with a raft of CPI data released and the question on most people’s lips is can the USD can maintain its slow march down from its 6 year low against GBP? USD has slowly gained back around 2 cents against GBP and almost the same against EUR in the past couple of weeks, and with no UK data out until later this week good results here  could see rates against GBP drop – perhaps a good opportunity for any of you selling USD.

Tomorrow data ramps up as we have a number of GBP releases including the BoE MPC minutes which will be interesting given GBP’s recent run of form, so those of you with transfers involving GBP may like to keep a keen eye on rates. Whilst elsewhere in the world tomorrow we also have AUD CPI data and the NZD interest rate decision.

Speak to your CI currency broker today for some friendly and professional guidance on how to get the most out of your transfer. Currency Index can help you stay well informed and well ahead of the market.

Tuesday

• 03.00 AUD RBA Governor Glen Stevens speech
• 12.30     USD       CPI data

Wednesday

• 01.30     AUD       CPI data
• 08.30     GBP       BoE minutes and MPC vote
• 21.00     NZD       RBNZ Interest rate decision

Thursday

• 23.30     JPY         CPI data

Friday

• 08.30     GBP       GDP data
• 12.30     USD       Durable goods orders