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Weekly Market Analysis May 2nd 2017  |
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Currency volatility ahead with French election polls & US interest rate decision in focus The pound remained robust in the face of some poor data last week, while US dollar investors were disappointed when President Donald Trump finally revealed his ambitious tax reform plan - all 250 words of it. But what news should you be trying to get your head around over the next few days? |
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Today's Rate The rates above are using the British pound (GBP) as the base rate. All rates are for indication purposes only. Prices can vary dramatically based on amount and delivery date. |
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| | “...the pound remained responsive to the fact that the upcoming general election could improve the Conservatives’ majority in Parliament...”  Transfer 24/7 with our currencies direct app   |
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Pound For much of last week the pound remained responsive to the fact that the upcoming general election could improve the Conservatives’ majority in Parliament, thereby smoothing the Brexit process. This helped override the shock of Friday’s GDP figures for the first three months of 2017. Economic growth had been expected to slow from 0.7% to 0.4%, but instead weakened to 0.3%. Regardless, GBP/USD ended the week much stronger at US$1.2949, while GBP/EUR finished at €1.1885. |
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Euro The euro started last week on buoyant form after the first round of voting in the French Presidential Elections. EUR/GBP ended the week at £0.8413, down from a high of £0.8530, while EUR/USD approached the weekend trading at €1.0895. |
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US dollar The key event of last week was the release of President Donald Trump’s long-awaited tax reform plan. The US dollar largely strengthened ahead of the press event on Wednesday, but the actual plan was something of a disappointment. The US dollar dipped on Thursday, but by the end of the week USD/EUR had recovered to €0.9178. USD/GBP extended losses, however, hitting a 29-week low of £0.7713. |
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Australian dollar & New Zealand dollar Both the Australian dollar and New Zealand dollar suffered from a global lack of risk appetite last week, with focus firmly on the US in anticipation of Donald Trump’s tax plans. Each currency was also battling its own domestic demons. AUD/GBP had declined to £0.5782 by the end of the week, only just up from the week’s eight-month low. NZD/GBP fell to a ten-month low of £0.5298. |
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