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Will UK job data boost the pound?

business-articlesWill UK job data boost the pound?
  • Rising average earnings would support GBP
  • EUR could dip on slower growth
  • US consumer spending forecast to slow
 UK employment data ahead

The Bank of England (BoE) might want to consider renaming ‘Super Thursday’ (the day when it simultaneously delivers its rate decision and publishes its inflation report) as there’s rarely anything particularly super about it.

Last week’s event saw the central bank opt to cut its growth forecast for 2018, a move which left the pound sliding against the majors.

However, GBP exchange rates just might have a chance to shine this week if the UK’s employment figures show sturdy wage growth. Solid job figures would also be Sterling-supportive.

Eurozone GDP in focus

With quite a few high profile Eurozone data releases on the horizon the euro could be in for an interesting week.
Eurozone growth data for the first quarter is one of the main releases to watch out for. As it stands, quarterly expansion of 0.4% and annual growth of 2.5% is forecast.

Tomorrow also sees the release of German GDP, Eurozone industrial production and the ZEW economic sentiment surveys. With mixed results predicted the euro could experience volatility tomorrow.

Slumping US sales could slow USD gains

The week’s first impactful US data is tomorrow’s advance retail sales figures for the US.

The US dollar has been enjoying something of a resurgence over the last few weeks, but its gains could slow if the sales data shows the anticipated decline in consumer spending.

Growth in retail sales is expected to slow from 0.6% to 0.3% in April.

Upcoming Data

Tuesday, 15th May 2018
07:00 EUR German GDP 
09:30 GBP UK Average Weekly Earnings
09:30 GBP ILO Unemployment Rate
10:00 EUR Eurozone GDP
13:30 USD Retail Sales
14:00 CAD Existing Home Sales
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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