It was yet another one of those weeks last week, where Brexit news and President Trump dominated the headlines. It wasn’t good news for Sterling, the UK unit suffering under the spotlight and slumping to the mid 1.11’s against the Euro before gaining slightly to the 1.12 level we start this week at.
But there’s now a lull, as the UK parliament heads off for their summer holidays from Wednesday for six weeks, and the economic data calendar is empty.
Don’t expect too much movement this week, unless of course we see a swift vote of no confidence in Mrs May in the next couple of days. But the Brexit issue just won’t go away, and anything emerging from the EU whilst the UK government lies on the beach could trigger some market reactions too. Stranger things have happened!
As for the US Dollar, things may well be a bit more interesting, especially as trade continues to dominate matters. And there’s plenty of action ahead this week as European Commission President Juncker meets with Trump on Wednesday to try to calm things down after the US President’s recent outbursts on tariffs. On top of that, the World Trade Organisation is meeting on Thursday to debate current trade tensions between the USA and China. Trump’s posturing is certainly causing waves globally at the moment, but whether that’s just a part of his unique negotiation style, we shall soon find out. Besides, strong GDP growth figures in the States will almost certainly strengthen the Dollar, so any movement in the major currency pairs will be most likely fueled by that as the week rolls on. Potential upsides for those personal clients investing in Europe perhaps.
Have a good week!
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The Premier FX Team
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