23/02/09 The old adage a week is a long time in politics can also be applied to this week’s currency market. There is without doubt much uncertainty in the financial markets and this is set to continue. This week will see a set of data being released that could well change currency rates giving both winners and losers. We provide a summary of this week’s major data announcements. All times are GMT.
Pound Sterling
Wednesday 0930 – GDP figures for the last quarter of 2008
Friday 0001 – Consumer Confidence survey
Eurozone
Tuesday 1000 – Industrial Orders
Friday 1000 – CPI inflation data
Canadian Dollar
Monday 1330 – Canadian Retail Sales
US Dollar
Tuesday 1500 – Federal Reserve chairman Ben Bernanke’s speech
Wednesday 1500 – Home resales data
Thursday 1330 – Durable Goods orders
Thursday 1500 – New home sales
Friday 1330 – GDP and personal consumption data
A lot of data is released this week, particularly on Thursday and Friday when we would expect to see volatility in sterling, the euro, and the US dollar. For anyone looking for sending money overseas or international payments to or from any of these countries, keep an eye on market movements before and after these announcements.
Often there can be volatility before any data releases, as markets “price in” the expectation of a certain result. Therefore there can be opportunities to take advantage of rumours to buy your currency at preferential commercial exchange rates.
A good currency company will keep you in touch with the latest news and help with your specific requirements.
