The Brand New DailyFX Third Quarter Forecasts are now live including a fresh look at GBP.
The Back End of the Week Will Provide Sterling Clarity
BoE governor Mark Carney may reveal the central bank’s latest thoughts on the UK economy when he speaks at a regional visit to the North East on Thursday with his speech published at 10:45 UK. And the next day, UK PM Theresa May will convene her cabinet at Chequers in an attempt to put divisions aside and agree on a Brexit White Paper, a meeting that is expected to be vocal and fractious.
Across the pond, US markets will observe Independence Day on Wednesday, with a subsequent drop in trading volume and volatility, ahead of the latest non-farm payrolls on Friday.
Sterling continues to be weighed down by a strong US dollar and hovers above an important support level that needs to hold if the British Pound is to push ahead in the weeks to come. Against the euro, Sterling continues to hold its own and the pair will need a new, strong, stimulus to break the current trading range. One pair that we have followed closely in the last few weeks, GBPNZD, continues to move higher but may be running out of steam after rallying by over 5 big figures in the last month.
GBPNZD Daily Price Chart (December 2017 – July 2, 2018)
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— Written by Nick Cawley, Analyst
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
