GBP – Will the Bank of England backtrack?
What a week so far and there’s more major news to come.
Brexit has taken another big leap forward. With a transition deal (loosely) agreed, it means negotiations can finally move on to the juicy bit - trade.
However, Sterling’s upward momentum took a knock yesterday after the latest UK inflation figures came in lower than expected. It seems the Bank of England might have called it right; inflation peaked at 3% a few months ago and is starting to subside.
Today we have jobs data out and then the Bank of England (BoE) meets tomorrow for a rate decision. A May rate hike still looks firmly on the cards, unless the BoE begin to backtrack.
EUR – Awaiting Euro Summit
As we expected, the latest ZEW economic sentiment surveys indicated that German confidence has begun to wane.
The Euro remained pretty stoic in response which suggests investors are instead focused on the upcoming Euro Summit. EU leaders set to meet for a chinwag in Brussels on Thursday and Friday.
USD - Rate rise expected
The new Chairman, Jerome Powell, will be in the spotlight later today as the Fed is expected to raise interest rates for the first time in 2018.
Investors will be listening closely for any indication of how many more hikes are likely this year.
While higher rates are positive for the Dollar, the growing threat of trade wars is weighing on USD.
Sterling to Euro rate currently sits at £1.00 = 1.1450 Euros, see below for more comparisons.
Current rates:
Wednesday 21st March 2018 at 14:00
£1.00 GBP = 1.1450 EURO
£1.00 GBP = 1.4070 USD
£1.00 GBP = 1.8278 AUD
£1.00 GBP = 1.9621 NZD
£1.00 GBP = 1.8250 CAD
£1.00 GBP = 16.8305 ZAR
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