The Rates Keep Moving
It has been an interesting 24 hours on the markets with there being a fair amount of intraday volatility with the Pound against the Euro and the US Dollar. Over the past couple of weeks we have seen Sterling having its gains against the Euro reversed as average data has poured out of the UK and its move ran out of steam.
US Dollar is starting to strengthen again as oil prices are starting to rise. Whilst we are nowhere near the peak of $115 per barrel, we are seeing a rise to $55 per barrel due to the Saudi mission in Yemen. This will continue to impact the Dollar depending on length of time and the “success” of the mission.
Sterling has risen against the Euro again after falling for the last couple of weeks and being relatively flat for the majority of the week. This is on the back of Mario Draghi reiterating a favourable short-term outlook for the Euro despite a continuing weak recovery. The Greek issue remains a headline act as we have discovered that Greek deposits have fallen to a decade low as they are yet again on the verge of running out of money and leaving things to the very last minute. They have until Monday to produce their reforms to get more bailout money. After that, we will then look at April 9th as the next deadline for the Greeks.
We have an early morning speech from Governor Carney to sink our teeth into and US Gross Domestic Product data this afternoon.
Finally, good luck to Currency UK’s Laura Coombs and the rest of the Chelsea Ladies as they kick off their league campaign against Notts County on Sunday. The girls came second last year so here’s hoping for one better this year!
Have a good weekend all!