Sterling loses its weekend gains


Hi everyone,

Sterling made a surprising 1 cent jump against the majority of currencies on Friday, as loose expectations of a cross-party deal were floating around the media. As no positive news has broken since and with both doing so badly in the local elections, £ has lost the ground but still remains buoyant for now. 

It was confirmed yesterday that the UK will take part in European elections, which will be a very interesting set of results across Europe. Nigel Farage has said that if he wins the European elections, that his Brexit party should be included in the team negotiating with the EU.

The probability of Theresa May resigning this year sit at 80%, whilst a general election is down to just 20%. The leadership question is a thorn in the side of Sterling as well as of course the Brexit fiasco. We expect to hear news of the PM's resignation date this week and the final outcome of the cross-party talks. 

On the data-front, Friday will provide important figures for both the UK & US. Expect volatility throughout the day and think about hedging before, as the figures could go either way at this stage. 




Upcoming Data


Wednesday, 8th May, 2019

11:00 US - Mortgage applications
11:30 EU - ECB President Draghi conference
23:00 UK - House price balance

Thursday, 9th May, 2019

12:30 US - FED Powell conference & PPI
12:30 US - Trade balance and initial/jobless claims

Friday, 10th May, 2019

06:00 EU - German trade balance, current account & IMP/EXP data
08:30 UK - GDP, private consumption & government spending
08:30 UK - Manufacturing/construction/industrial production
08:30 UK - Trade balance, IMP/EXP data
12:30 US - CPI, average earnings
18:00 US - Budget statement


Dan Waterman
Office Manager

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