After a Bloomberg report suggested that the European Central Bank (ECB) were considering negative interest rates, President Draghi slowed the resultant weakening of the Euro by saying there had been no further discussions since the last ECB conference. Combined with Fridays German business confidence data, the IFO report, showing its highest level in 18 months, the Euro ended the week in strong form. As such we see GBP/EUR open at 1.1965 this morning.
With today being fairly light on the economic calendar front we look ahead to the rest of this week:
Tuesday 3.00 pm - US Consumer Confidence data
Wednesday 9.30 am - UK GDP figures for Q3 2013
Wednesday 1.30 pm - US Durable Goods Orders
Thursday ALL DAY - US Thanksgiving
Thursday 8.55 am - German Employment figures
Thursday 1.00 pm - German Consumer Price Index
Friday 10.00 am - European Consumer Price Index
With the US closed on Thursday and much of the US extending the holidays through Friday this makes for a very quiet end to the week.
You do not need to spend your time learning what all of the above information means - just remember that currency prices move around times when significant data is released (expected or otherwise). If you need further guidance just get in touch using email, phone or live chat via our website.
Posted in Daily Market News on May 30 2014