30th April 2019 Market Update
Get a snapshot of the day’s most important market events and currency movements sent straight to your inbox every morning. Sign up to our Daily Market Report.
🇬🇧 GBP – There was no data of significance from the UK yesterday. Mark Carney spoke at the Innovate Finance Global Summit, however none of his remarks appeared to impact the market. Like yesterday, there is no significant data out from the UK today. MPC member Ramsden is also speaking at the Innovate Finance Global Summit today, however that is unlikely to impact the market. A poll by Central Banking Publications suggested Brexit that sterling’s status as a global reserve currency was under pressure. The poll suggested that three-quarters of reserve managers are predicting that central banks will collectively alter, and probably cut their sterling holdings.
🇪🇺 EUR – Like the UK, there was very little data from the eurozone. Flash GDP for last quarter exceeded expectations in Spain, rising to 0.7% this morning. Flash GDP for the whole of Europe is due out at 10am, this is expected to rise to 0.3 % from the previous reading of 0.2%. With tomorrow being May Day, a significant amount of countries within the eurozone will have a bank holiday. Therefore, it is worth making euro payments today, or face delays until Thursday.
🇺🇸 USD – The core PCE price index came out below expectations from the US yesterday at 0.0%, however personal spending rose to 0.9% over the same period. This had minimal impact on the dollar. This afternoon consumer confidence is being released from the US, and it is expected to improve on the previous reading. Yesterday, the S&P 500 hit a new intraday high, breaking the previous record set back in September 2018. This was fuelled by a 0.9% increase in financials and communications services. On the back of this, the US dollar remained relatively strong compared to the euro and sterling.
GBP: Sterling holds firm despite lack of data
EUR: Fears over GDP data weighs on Eurozone
USD: Faith in dollar reflects in S&P 500
Find out more about our Money Transfer service for personal & business international payments. We’re committed to giving all clients the best rate possible, along with flexible and personalised service. Save time and money by reducing risk through a simple and efficient service.