Happy Easter to all
We hope that everyone out there has a safe and enjoyable long weekend with friends and family and eats as many chocolates as is possible for a land mammal to safely consume.
After the excitement in the markets of the last few weeks, it was almost a relief to see a more muted trading day for the Pound. We were range-bound for the trading day yesterday against both the USD and EUR, with some of the economic figures produced either not very impactful or very near to forecast – in either case, this tends not to move the market very much.
The underlying factors at play are still there – the Grexit conversation, the inflation/interest rate conversation, the oil price conversation and so on. So, largely, as the dust settles around recent and specific economic data we could see the trends from the last week still play out i.e. we could still see the USD with a strong sentiment and the EUR perhaps with a weaker one (in my humble opinion).
Of course, when looking at the data for today we need to lump together tomorrow as well because these will still go ahead while I am feigning surprise at finding an Easter egg with the children, having hidden it not 6 minutes earlier. Not for a hunt of any kind, more for safe keeping. They are wily when it comes to sugar.
Today, we have some jobs data from the US. As well as Jobless Claims, the US will also produce a Trade Balance figure and a Factory Orders figure today. The ECB Monetary Policy Meeting Accounts will be produced today as well, which would be the biggest news of the day.
Tomorrow, though we have more significant data from the States in the Unemployment Rate and the Nonfarm Payroll figures . So it’s very heavily State side information for the next two days. Forecasts aren’t for too much change in these figures month on month.
Have a great break and we’ll catch up again on Tuesday.