Will the Pound go up or down this week?

The Pound remains relatively well supported against the Euro and US Dollar this morning. We start the week with GBP/EUR at €1.1700 and GBP/USD at $1.24. The coming week has lots of economic data releases that will affect exchange rates, and whether rates will go up or down will depend on how the below releases come against forecasts.

In this morning’s report we’ll take a look ahead to the main releases I think will affect exchange rates. If you need to make a currency transfer and would like to find out what exchange rate we can offer, get in touch today for a free quote.

What could move exchange rates this week?

Monday 10th April – It’s a quiet start to the week with nothing of note from the UK. Pound/Euro rates however could be moves by a measure of EU consumer confidence released at 09:30am. Over the the USA this evening we have a speech by FED chair Janet Yellen. Any hints on when the next interest rate rise will happen could move GBP/USD.

Tuesday 11th April – Today is probably the most important for Sterling, as we have a raft of inflation figures due at 09:30am. We expect CPI to come in at 2.3% and if it’s higher than this, the Pound will strengthen against other currencies. Elsewhere we have EU Industrial production figures and an EU economic sentiment survey. Over in the states we have another FED member giving a speech.

Wednesday 12th April – Jobless figures from the UK are released this morning along with wage growth data. If Tuesdays inflation numbers come in as forecast and wage growth is below this (2.3%) then it might push the Pound a little lower against the Euro. Those looking at GBP/CAD rates should also watch for an interest rate announcement for Canada today

Thursday 13th April – GBP/AUD could move today as we have lots of employment figures from down under. WE also have Inflation and jobless numbers from the USA so the potential to move GBP/USD rates.

Friday 14th April – It’s a Bank Holiday in the UK so we will be closed, however there are still data releases from the USA that could move GBP/USD; inflation numbers and Retail Sales.

Getting the best exchange rates

If you need to make a currency transfer and want to get the best exchange rates, get in touch today for a free quote. We can help private and business clients that need to move £5k+ on a bank to bank transfer basis. (We are a commercial foreign exchange brokerage and do not offer cash or holiday money.)

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