Sterling Exchange Rates
The markets are remaining relatively flat today as predicted in anticipation of tomorrow’s 3 key Sterling economic data sets. UK unemployment figures and the Bank of England (BoE) minutes are due for release at 9:30am and the budget is due out at lunch time which means we are likely to be in for a busy day for the Pound. Also announced tomorrow is the latest US interest rate decision which could mean for those clients looking to trade USD, especially those trading GBP USD will have a very volatile trading day.
EUR Exchange Rates
This morning we have seen the latest Eurozone economic sentiment figures announced and they were lower than predicted which is not a good sign and shows that businesses and consumers believe the Eurozone economy is still struggling, having said that despite the figures being lower than predicted they were still in positive territory (a reading over 50 is seen as positive and todays figure was 61.5). As a result there has been very little movement this morning but the movement we have seen has been Euro strength which is good news for those clients looking to sell Euros but does mean for any clients thinking of trading GBP EUR then tomorrow will have even more importance.
AUD Exchange Rates
Last night the Reserve Bank of Australia (RBA) announced their latest set of minutes and following this we have seen the AUD strengthen even further which the RBA may not be too impressed with as they have previously stated how they were concerned about the strength of the Dollar. A strong Dollar harms the Australian export market which is such a major part of the Australian economy and so can really harm its economic performance. Should the Aussie Dollar continue to strengthen back against the Pound then the RBA may be forced to step in, either way the Australian Dollar is likely to remain very volatile and will remain unpredictable.