11th April 2017 Market Update
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?? GBP – It was a very quiet day from the UK yesterday, with no data out to give the pound any clear direction against the euro and dollar. From the UK today we have data in the form of the inflation numbers, we are expecting to see an unchanged figure of 2.3% on the year in line with March’s figures, and the expectation is that any reading higher than 2.3% will see further gain for the pound.
?? EUR – The Eurozone mirrored the UK yesterday in the sense that no data was released. From the Eurozone today we have data in the form of the ZEW survey and Eurozone industrial productions numbers, both aren’t seen as market moving though a positive set of figures might see a small uptick in the euro.
?? USD – The US rounded off a quiet day, where once again no significant data was released. The only thing of note was a speech form Federal Reserve chair Janet Yellen who kept her cards close to the chest in relation to any insight into the FOMC’s forward guidance and monetary policy. The market did not move much in response.
9.30am – UK inflation expected to remain at 2.3%.
10.00am – German Zew Economic Sentiment.
Our View: With a shortened trading week the pound may find it hard to hold on to any clear direction against the euro and dollar. Sterling appears to still be benefiting from March’s CPI figure, however a higher than expected reading today could see sterling edge higher and possibly towards fresh highs. With an upcoming French Election in April and Key US data this month further possible downside is expected on EUR/USD which has continued to see poor showing in recent weeks.
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