bank of england

Sterling enjoys holiday respite

8th May 2018 Market Update

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?? GBP – Only the house prices index will be released today which came out at 07:30am and fell, as expected, but is likely to have little impact on the pound’s performance.

The interest rate decision is the focus this week, due Thursday, which has become more a question of if the BoE will raise rates this year instead of the dead cert hike that was forecast a month ago.

?? EUR – Factory orders from Germany disappointed yesterday but there was no movement for the euro of the back of it.

No key releases today which is true for most of the week and suggests a quiet week for the euro.

?? USD – Nothing from the US yesterday meaning there was little in the way of currency movement.

The only thing to note today is President Trump’s speech, although not much is expected to happen to the dollar of the back of it.

 

Key Announcements

?? GBP
07:30am: Halifax House Prices (MoM) – expected at -0.2%, actual -3.1%

 

Summary: Following the UK bank holiday, we come in to see that the pound is higher against the EUR and USD. Neither had any significant releases on Monday but following the pound’s recent drop, this is a decent reprieve.
 
There is nothing significant being released today and the key focus is Thursday’s release of BoE interest rate, QE and the following press conference.

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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