The employment data in the UK came in broadly in line with expectations with the unemployment rate remaining steady at 4.5%. This resulted in little change in the exchange rate of the Pound versus the other majors. Overall versus the Euro there has been what appears to be a bit of profit taking this morning as the technical resistance line continues to hold. Failure at this point for the rate to push on could result in a retesting of the bottom of the recent range. Therefore if you do have a Pound to Euro requirement it might be a good time to get this done.
It’s a similar story versus the Dollar. There appears to have been some profit taking this morning as the Pound is softening slightly.
The Swedish Krona is looking strong today versus both the Pound and the Euro. Anyone looking to purchase in Spain from Sweden could have an attractive exchange today.
The US market was closed yesterday for Columbus Day so we could see a bit of action later in the day as the States starts to wake up. Looking ahead there isn’t a lot of data of note until the early hours of tomorrow morning when China releases it’s Trade Balance and Import and Export numbers.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
CNA: 01:00 Import/Export data and Trade Balance