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Quiet day ahead with GBP strong

Quiet day ahead with GBP strong

Good morning, as the UK embraces half-term and the US commemorates Washington’s birthday today we are expecting a relatively day with very little data being released in the UK or the Eurozone. Any news from Europe, is likely to come from Eurogroup and EuroFin meetings and the standard discussions about the banking union and single resolution mechanism.

GBP is still looking very strong against the majority of other currencies. We saw GBPUSD reach 5 year highs very early on Monday morning before dropping off again. The US labour and retail data figures released on Friday were worse than expected and this has helped GBP as well.

We do have some BoE meeting minutes released this week and these could well trigger further movement. From the US, this week we have Empire and Philly Fed manufacturing surveys, January housing starts and existing home sales and Fed Reserve meeting minutes. These aren’t expected to be overly impressive.

We are expecting to see further positive data from Europe with the GDP release and flash purchasing managers’ indices. But whilst the Euro is seen as being strong, GBP is currently even stronger so it should be an interesting week ahead.

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