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Great start for GBP

Great start for GBP

This mornings UK service sector data has surprised to the upside giving GBP a significant boost, pushing GBP up towards 1.1900 versus EUR and over 1.6000 versus USD.

Today’s economic data and speeches in the US and Eurozone are likely to be insignificant compared with the events scheduled for the end of the week.

The ECB president, Mario Draghi, will speak this afternoon – it is unlikely that he will say anything significant ahead of Thursday’s ECB meeting. After last weeks inflation data demonstrated there is room for a rate cut the Euro has been under selling pressure.

US non-manufacturing data is due, showing business conditions in the US but with such heavy market focus on Thursday’s GDP numbers and non-farm payrolls on Friday, they are unlikely to cause any significant moves either way.

Overnight the Reserve Bank of Australia (RBA) held interests rates at 2.5 percent while expressing concern over AUD strength and its effects on Australian exporters.

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