Where you will be able to keep up to date with all the latest changes in the currency market
We have seen continued GBP weakness this week as the global uncertainty remains increasingly high due to the situation the Ukraine. But the Pound to Euro exchange rate stabilised after Ukraine’s national gas pipeline operator halted some flows from Russia to Europe and following the Kremlin’s decision to ban sales of gas and other transactions with a handful of important European firms. Weve seen a contiued 2 year low against the USD but we have seen some stability agaisnt the EUR. This Tuesday we have Unemployment data coming out this week, this will be a good indicator as to how many people are working in the UK. This is the number of unemployed workers divided by the total civilian labour force. It is a leading indicator for the UK Economy. If the rate is up, it indicates a lack of expansion within the U.K. labour market. As a result, a rise leads to weaken the U.K. economy. Generally, a decrease of the figure is positive for the GBP, while an increase is negative.
We have been seeing continued Euro weakness as the situation in Ukraine carries on and with talks of Finland and Sweeden getting involved it looks like there will be no real end to the is war any time soon but Nato chief Jens Stoltenberg says Ukraine could win the war as Russia’s invasion is not going to plan meaning there could be some EUR strength on the horizon. We have GDP figures out this Tuesday and a speach from the ECB’s President Lagarde Lagarde holds press conferences in detailing how the ECB observes the current and future state of the European economy. Her comments may positively or negatively the euro’s trend in the short-term. If ther speech comes out as positve then this will strengthen the EUR however if the comments she makes are negative we could potentially see the EUR weaken even further.
We have seen the dollar continue to strengthen over the last week as conflict in Ukraine continues and with talks of Nato we could see things unfold further. Russia, whose war in Ukraine has sparked the moves has warned the expansion of Nato would be a mistake so this could show that russia arent ready to pull troops from ukraine and that the conflict will continue further. We have US emploment figures out this Thursday The Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance. It provides a measure of strength in the labor market. A larger than expected number indicates weakness in this market which influences the strength and direction of the US economy. Which could show massive volitility with the dollar.