Global Currency News: Important Week for the UK.

Macron perhaps is feeling less uncomfortable after Round 1.

The Euro started the week on the front foot as the first round of the French elections showed Marine Le Pen’s winning margin was slimmer than expected. The Euro welcomed the news and gained against the Pound and Dollar with GBPEUR pushing toward 1.1750 and EURUSD edging down to 1.0725 by Monday afternoon.

The Euro strength was short-lived and the Pound promptly regained the ground it had briefly given up, with GBP/EUR now back to 1.18. As the UK heads to the polls tomorrow, immediate attention lies on the outcome and who will have the keys to 10 Downing Street on Friday. With Labour expected to come out on top any deviation from this expectation will likely spook the Pound and cause further uncertainty in the short term.

With UK and European elections stealing the headlines it’s easy to overlook the significant data releases also on the calendar this week. This morning, PMI data from several European countries have already been announced and with the releases all posting close to expectations, the Euro has barely blinked. ECB President, Lagarde, speaks later today giving some focus to the Euro before the US takes centre stage for the rest of the week. The US Dollar will have a lot to concentrate on with Unemployment claims, Services PMI’s, and minutes from the latest FOMC meeting all released later today. Friday sees earnings data, Unemployment rate, and Non-Farm Employment change figures to end the week.

Source: Foreign Currency Partners

For any currency matters contact Tom Taylor (Dealing Director) - tom@fcpglobal.co.uk