GDP figures boost GBP rates ahead of a busy week

By Matthew Boyle

Last week saw the best week for the Pound since February of this year with it gaining around a cent against the EUR and 1.5 cents against the USD.

First quarter GDP showed the UK economy had shrunk much less than expected during the third lockdown and with pubs and restaurants opening this week it has breathed some confidence once again into the Pound.

This has also been helped by Boris Johnson’s comments that the coronavirus is now In retreat and extremely bullish UK growth forecasts for the year ahead.

So in the short term it seems the Pound is back on the front foot. However caution should be taken as it emerged this week the Bank of England monetary policy committee has been cautioned by England’s Chief medical officer Chris Witty that there is the “risk of a new strain of Covid or a new version of Covid emerging”.

And whilst nothing this week looks like it will shake GBP rates significantly we do have a very busy week for data with numerous speeches from central bankers and the UK, Europe and the UK going head-2-head on Friday in manufacturing and production data and results will need to be strong to keep the Pounds momentum.

So, If you have any upcoming transfers to make speak to your broker today to take advantage of current rates and for some friendly guidance on how to avoid getting caught by any costly dips.


14.05     USD        Fed Member Speech

13.50     GBP        BoE Member Speech


06.00     GBP        Unemployment data & Claimant count

07.00     EUR        EcoFin meeting

09.00     EUR        Q1 GDP & Trade balance data

14.00     EUR        ECB President Lagarde Speech


06.00     GBP        Inflation data

07.20     EUR        ECB member speech and stability review

09.00     EUR        Inflation data

18.00     USD        FOMC minutes


01.30     USD       Employment data

12.00     EUR        ECB President Lagarde Speech

23.01     GBP        Consumer confidence


01.30     AUD       Retail Sales data

06.00     GBP        Retail Sales data

07.30     EUR        German Services and Manufacturing data

08.00     EUR        Eurozone Services and Manufacturing data

08.30     GBP       UK Services and Manufacturing data

12.30     CAD       Retail sales

13.45     USD        US Services and Manufacturing data

14.00     EUR        Consumer confidence