Financial News from the Foremost Currency Group, 12th March2018 









In this week's Report:

GBP/EUR Ticks Higher as UK 2018 Growth Revised Up

Last Week’s High: €1.1339

Last Week’s Low: €1.1242

Pound Bolstered by Spring Statement

It was a quiet session in terms of UK data last week, but despite this the Pound was still able to record some gains against the Euro.

This uptick in Sterling was partly driven by a positive reaction to Chancellor Philip Hammond’s spring statement as UK growth was revised upwards for 2018.

Meanwhile, the Euro suffered last week thanks to further scepticism over whether the European Central Bank (ECB) is moving towards tightening its monetary policy.

This followed a dovish speech by ECB president Mario Draghi in which he suggested that the bank must remain ‘patient’.

Further limiting the appeal of EUR was the release of the Eurozone’s latest CPI figures on Friday, which saw headline inflation fall further than initially forecast in February.

Euro Outlook: Markets to Focus on BoE Rate Decision?

Looking ahead to this week, it’s likely to be significantly more eventful, with a slew of UK data and the EU summit on Brexit having the potential to inspire significant movement in the GBP/EUR exchange rate.

However, possibly the most impactful event on the data calendar this week may be the Bank of England’s (BoE) rate decision on Thursday.

While the BoE is not expected to make any policy changes this month, investors are hopeful that the bank may drop some hints regarding a possible rate hike in May.

In terms of the Euro, movement is likely to be driven by the latest PMI figures, with a further dip in growth possibly supporting suggestions that momentum in the Eurozone in slowing.

Key Events

20th March

09:30 UK Consumer Price Index

10:00 EU Economic Sentiment Index

21st March

09:30 UK Unemployment Rate

09:30 UK Wage Growth

22nd March

12:45 EU ECB Rate Decision

09:00 EU Manufacturing PMI

09:00 EU Services PMI

09:30 UK Retail Sales

12:00 UK BoE Rate Decision

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To keep up to date with the Euro, visit the Euro blog in our Currency News section.

Jessica Coot

Currency Dealer


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