GBP/EUR edges towards 1.37
Quote of the day: “The only way to do great work is to love what you do” – Steve Jobs
October 19th: Highlights
- GBP/EUR trading close to 1.37
- Lacklustre US labour data benefitting GBP/USD
- High impact week of UK economic data
- EUR/USD largely unchanged
- China fears persist
- CAD outperforms US Dollar
As mentioned, a lack of data meant GBP/USD had a limited day without any major movements. Sterling was able to appreciate slightly, now trading around 1.5480, up from Friday’s 1.5452 levels.
Buyers and sellers of Sterling this week will keep a close high impact economic data. Watch out for Public Sector Net Borrowing and Retail Sales, with Bank of England governor Mark Carney making his address tomorrow at 11am.
EUR/USD is currently trading around 1.1323 in today’s European morning session. Today sees no major releases from the EU or USA. Whilst we don’t expect any major movements based on data releases, investors will keep an eye on reactions to today’s German central bank monthly statement and the US where we will hear from two Fed FOMC members. Dollar buyers and sellers will be looking at tomorrow’s data on US Building permits.
Well over half of exporters at China’s largest trade fair are predicting a slowdown in their markets to last for over half a year, with the country widely anticipated to announce its weakest economic growth in decades tomorrow. Expect some movements in Aussie Dollar exchange rates. GBP/AUD is currently trading around 2.1233.
If you are buying or selling Canadian Dollars, watch out for data to emerge during the second half of the week. Wednesday will see the release of the Central Bank’s Monetary Policy Report and Overnight rate. The latter is expected to stay at 0.5%, the same levels since June. The Canadian Dollar outperformed the US Dollar this week, with positive statistics on core retail and inflation statistics expecting to help strengthen the currency even more. GBP/CAD is currently trading around 1.9978. USD/CAD is currently trading around 1.2902.
Have a great day!
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