What could move GBP exchange rates this week?

Exchange Rates

Good morning. In today’s post, I’ll take a look at what data releases are due this week that could affect Sterling exchange rates. Some key events include UK growth figures on Friday, and speeches by various central bank members. A very important thing to look out for is the European Central Bank meeting at the end of the week. The UK will present their Brexit white paper. If the markets see this is as a sign of progress, it could lend some support to GBP exchange rates. For a detailed outlook on the exchange rate you are look at, or to get a free quote, get in touch today.

Economic data that could move exchange rates

Monday 25th June 2018 – It’s a quiet start with nothing of note from the UK. German business climate data this morning came in slightly better than expected. This has strengthened the Euro a little and pulled GBPEUR lower into the mid €1.13’s. Later today we have some home sales data from the USA that could move the USD.

Tuesday 26th June 2018 – Pound/Euro exchange rates could be affected by central bank speeches. We have members of both the Bank of England (BoE) and European Central Bank (ECB) speaking. Any hints at an August interest rate hike for the BoE  could support the Pound. Elsewhere, we also have speeches by the US Federal Reserve. Over in New Zealand, Import and Export data could affect GBP/NZD rates late in the evening.

Wednesday 27th June 2018 – Today could be interesting for Sterling. We have a speech by the BoE governor Mark Carney at 09:30am. Any hints at an August interest rate hike could push the Pound higher. We also have a Financial Stability report from the Bank of England that may also affect Pound exchange rates. Speeches by members of Canada’s and America’s central banks could move GBPCAD and GBPUSD accordingly. Finally at 10pm, we have the latest interest rate decision from New Zealand. This could affect GBPNZD rats.

Thursday 28th June 2018 – Focus is on the EU today. It’s the start of the 2 day European Council meeting. The UK will put forward its Brexit white paper. Any developments, either positive or negative, will likely have an impact on Sterling. We also have various data releases from Europe today. This includes Consumer confidence data, although most focus will likely be on Brexit developments. Later in the day we have another speech by a Bank of England member. At midnight, the latest UK consumer confidence measures will be released.

Friday 29th June 2018 – Today the European Council Meeting will likely remain in focus. Any signs of progress with Brexit could strengthen the Pound. Any continued uncertainties could move it lower. Another important event to look out for today is the latest UK GDP figures. The markets expect a quarterly gain of only 0.1%. A number higher than this could lend support to the Pound. Decent GDP growth will mean the economy is better placed to accept an interest rate hike in August.

Looking for the best exchange rates?

Get in touch today for a free consultation about which way the exchange rate is moving. We can explain factors that could move exchange rates positively or negatively, and provide you with a quote on the exchange rate we can offer you. Typically our rates are 2% to 3% better than your bank would offer. On a large transfer this could save you thousands of Pounds.