By Matthew Boyle
Last week was largely dominated by the ongoing fuel crisis in the UK. Following reports of a nationwide petrol shortage drivers across the nation fled to the pumps in panic resulting in petrol stations everywhere running dry and closing.
It subsequently transpired there was in fact no shortage, but it was too late to stop the momentum, and because of so many filling up their cars it had become a real fuel crisis.
The effect could be seen in GBP rates as the recent gains the Pound made following the Bank of England announcement of an on-course interest rate hike in Q1 2022 were eroded.
As the week progressed and the hysteria calmed slightly so too, we saw the Pound recover.
As this new week begins it seems fuel issues continue and now amidst fresh warnings of further supply chain issues in the coming months it looks like a potentially bumpy road ahead for the Pound.
We have a very busy week ahead in terms of data so if you have currency to buy in the coming weeks, give A Place in the Sun Currency a call to avoid risking the Pound breaking-down further.
07.30 EUR ECB member Speech
08.00 USD OPEC meeting
08.30 EUR Sentix Investor confidence
00.30 AUD Imports, exports, Trade balance and Interest rate decision
07.00 EUR Ecofin Meeting
08.00 EUR Markit PMI
14.00 USD ISM Services
15.00 EUR ECB President Lagarde Speech
02.00 NZD RBNZ rate statement and interest rate decision.
10.00 EUR Retail Sales
15.00 USD ADP Employment Change
09.30 EUR ECB member speeches
13.30 USD Jobless Claims
17.00 CAD BOC Governor Macklem Speech
13.30 USD Non-farm payrolls
17.30 CAD Unemployment rate