Sideways trend set to continue for the Pound

Hi everyone,

It will be more of the same from the Pound this week/month, as we await to see who the UK's new Prime Minister will be. Only then will we see some real volatility, which more than likely will be negative if Boris Johnson wins the votes. 

June saw a brief high of £-€1.1280 and low of £-€1.1130, the expected ranges for the month at an average of 1.12. This month is looking similar, but at a trade range 1% lower overall. £-$ rates saw highs of 1.2780 and lows of 1.2520, but so far this month we are trading well below that and so expect this currency pair to perform under 1.25.

On Wednesday & Thursday there are a number of key figures being released, that will trigger some form of response on the market. Recent data from the UK has been poor and the US has been good, the same trend looks set to continue.




Upcoming Data


Tuesday, 9th July, 2019

Nothing of interest

Wednesday, 10th July, 2019

08:30 UK - GDP & trade balance
08:30 UK - Industrial, manufacturing & construction production

11:00 US - Mortgage applications
14:00 US - FED Powell conference 
18:00 US - FOMC meetings

23:00 UK - House price index

Thursday, 11th July, 2019

06:00 EU - German CPI
09:30 UK - BoE publishes stability report
11:30 EU - ECB publishes account of June
12:30 US - CPI, jobless claims & average earnings
14:00 US - FED Powell conference
18:00 US - Monthly budget statement

Friday, 12th July, 2019

09:00 EU - Euro-Zone industrial production


Dan Waterman
Office Manager

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