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Can GBP/EUR keep climbing?

business-articlesCan GBP/EUR keep climbing?
  • Pound sturdy vs. euro before Eurozone inflation
  • AUD weakened by RBA minutes & confidence data
  • US manufacturing data ahead  
 
GBP/EUR edges higher

Yesterday’s UK employment figures might have been a bit mixed, but the pound was still able to advance on the euro over the course of the European session.

As it stands, the pound is still clinging to these gains and GBP/EUR has the potential to climb further today if the Eurozone’s final inflation figures for April are negatively revised.

The euro could also come under pressure this afternoon if ECB President Mario Draghi delivers a dovish speech in Frankfurt.

AUD lower as consumer confidence falls

Dovish meeting minutes from the Reserve Bank of Australia (RBA) left the Australian dollar struggling on Tuesday and the currency remains under pressure today.

While Australia’s wage price index for the first quarter came in at 2.1%, as expected, the nation’s gauge of consumer confidence fell by -0.6%.

We could see AUD exchange rates recover ground before the weekend however if tomorrow’s Aussie employment figures impress.

USD may rally on rising manufacturing output

The US dollar could be in for another solid trading session today as the US publishes industrial and manufacturing production data for April.

Manufacturing output is believed to have risen by a sturdy 0.5%, while industrial production is forecast to increase 0.6%.

However, USD gains may be limited if separate reports confirm that the number of building permits issued in the US contracted sharply last month.

Upcoming Data

10:00 EUR Eurozone Consumer Price Index (YoY)   
10:00 EUR Eurozone Consumer Price Index (MoM)
13:00 EUR ECB President Draghi speaks in Frankfurt  
14:15 USD Industrial Production  
14:15 USD Manufacturing Production
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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