Sterling loses 3% in just 10 days

Hi everyone,

The Pound is headed for an unwanted record if it carries on its losing streak versus the Euro. If another 2 days of downturn continues (probable), it will be the worst losing streak in £-€ rates history! 

In the space of just 2 weeks, Sterling has gone from a near 2-year high to a 3-month low. An incredibly surprising and poor run, which could yet get worse dependent upon the outcome of the European elections later this week. Analysts are now predicting £-€1.13 & £-$1.25 near term. 

The performance hasn't been helped by the collapse of cross-part talks and no news of Theresa Mays resignation date. Also with Boris Johnson leading the polls to eventually replace May, this opens up the 'no-deal' route significantly, bad news for £. 

If there wasn't already enough going on, it's a very busy week data wise for all the majors. As recent UK figures have been positive, there could be small gains realised on Wednesday and into Thursday, depending on election and EU data results.




Upcoming Data


Tuesday, 21st May, 2019

09:00 EU - Economic outlook
14:00 EU - Euro-Zone consumer confidence
14:00 US - Existing home sales

Wednesday, 22nd May, 2019

07:30 EU - ECB President Draghi conference
08:30 UK - CPI, PPI, RPI, house price index & public borrowing/finances
11:00 US - Mortgage applications
18:00 US - FOMC Meeting minutes

Thursday, 23rd May, 2019

00:00 EU - European parliamentary elections
06:00 EU - German GDP
07:15 EU - French PMI
07:30 EU - German PM
08:00 EU - Euro-Zone PMI, business climate/expectations
11:30 EU - ECB minutes
12:30 US - Jobless claims
13:45 US - PMI
14:00 US - New home sales

Friday, 24th May, 2019

08:30 UK - Retail sales
12:30 US - Durable goods


Dan Waterman
Office Manager

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