Yesterday saw the US release it's first set of negative results for some time. Their retail sales numbers came in at a contraction of -1.1% against an expected -0.8%. As is typical in the current climate of uncertainty, this had a positive effect for the Dollar against the Pound.
The overall trend for GBP/USD is one of recovery, it must be noted, with an over 4% improvement in Pound rates since early January.
Against the Euro the Pound made great gains yesterday. The better than expected inflation numbers out of the UK early doors seems to have been well received by traders. This was to be expected. It's frequently the Bank of England that provides an early, realistic view of economic events, and the rhetoric towards the end of last year from the BoE, whilst challenging, has now born out.
Australian employment data out in the early hours was negative with a contraction in the workforce of 14,600 jobs went against the expected gain. This has caused the Pound to strengthen well against the Australian Dollar.
Today it's a speech by the ECB President, Christine Lagarde, before initial jobless claims in the US. However it's likely to be the UK news out in the early hours of tomorrow and breakfast time that could move Pound rates. First there's consumer confidence numbers before the UK retail sales out later.
Business news is fairly undramatic today. There's a shift by the Labour party towards a more business centric stance, but that's pretty much it.
Today’s Economic Calendar
EUR: 10:30 ECB's Christine Lagarde Speech
US: 13:30 Initial Jobless Claims
UK: Friday 00:01 Gfk Consumer Confidence
UK: Friday 07:00 Retail Sales
As ever we look forward to keeping you in the loop and look out for our next update.
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