By Matthew Boyle
Last week was another frustrating one for GBP as it continued to fail to break outside its recently well-established trading range. GBP-EUR rates whilst they have tested a key level of resistance several times has on each occasion failed to push higher. However, this week could signal the change.
We have a generally busy week in terms of data but Bank of England data on Thursday is most critical. Given the recent rangebound behaviour of GBP, a bullish tone from the BoE could be the required catalyst allowing rates to push higher, otherwise we will likely see another failed test or breakout from current levels.
Of course, Covid trends continue to influence rates – certainly the UK has benefited recently due the speed of the vaccine programme.
But both buyers and seller of GBP might like to consider how pivotal Thursday might be as depending on its outcome we may not see rates as favourable as these in some time. Speak to A Place in the Sun Currency today for some friendly guidance on how to remove risk from your transfer and don’t be caught out.
06.00 EUR German Retail Sales
07.45 GBP Markit manufacturing PMI
14.00 USD ISM Manufacturing PMI
04.30 AUD RBA Interest rate decision and Statement
13.30 CAD Markit Manufacturing PMI
14.00 USD Factory Sales
22.45 NZD Employment Change and Unemployment Rate
01.30 AUD Retail Sales
07.55 EUR German Markit Services PMI
09.00 EUR Retails Sales data
12.15 USD DP Employment Change
14.00 USD ISM services PMI
01.30 AUD Trade Balance
11.00 GBP Bank of England Report, Interest rate decision, MPC vote.
11.30 GBP BoE Governor Baileys Speech
23.00 AUD RBA Givernor Lowes speech
01.30 AUD RBA Monetary Policy Statement
12.30 USD Non-Farm payrolls
12.30 CAD Unemployment data