Political uncertainty has had an impact on the value of the pound after the UK referendum last year. The pound continued to drop since as political news surrounding Brexit became a stronger catalyst. The broader outlook of the pound remains titled to the downside with the U.K on course to trigger Article 50 in March. However last week, the Pound briefly touched 2017 highs against the Euro and USD as the Brexit picture becomes clearer. With that said, British Pound may continue to be bullish over the coming months as the UK’s departure from the UK prospects sustainable growth. Whatever it is, markets have never been so volatile. Last week, the Euro suffered against its majors as Marine Le Pen’s goal to take France out of the Eurozone grew closer to being reality. Her attempt to follow Theresa May’s steps of having her own version of ‘Brexit’ is more obvious now. Yes, President Le Pen is now possible as she is performing well in the polls and ‘Frexit’ is expected if she wins. All this can be reality as Trump’s victory and Brexit both defied expectations. But, ‘Frexit’ would cost France a fortune (€180 billion) according to a new study. We can only wait now and see if Marine Le Pen would win like Trump or be left out in the cold like Hillary Clinton on the 23rd of April. Indigo FX has gathered the events that will move the markets this week.
Monday
- 10:00 Eurozone Services Sentiment
- 10:00 Eurozone Consumer Confidence
- 10:00 Eurozone Business Climate
- 10:00 Eurozone Economic Sentiment Indicator
- 13:30 USD Durable Goods Orders
- 13:30 USD Durable Goods orders ex. Transportation
- 15:00 USD Pending Home Sales (YoY)
- 15:00 USD Pending Home Sales (MoM)
- 15:30 USD Dallas Fed Manufacturing Business Index
Tuesday
- 00:01 UK Gfk Consumer Confidence
- 02:00 USD Trump’s Speech to Congress
- 06:30 Eurozone Gross Domestic Product (YoY)
- 07:45 USD Consumer Price Index (EU Norm) (YoY)
- 13:30 USD Gross Domestic Product Annualized
- 13:30 USD Gross Domestic Product Price Index
- 13:30 USD Core Personal Consumption Expenditures (QoQ)
- 14:00 USD S&P/Case-Shiller Home Price Indices (YoY)
- 14:45 USD Chicago Purchasing Managers’ Index
- 15:00 USD Chicago Purchasing Managers’ Index
Wednesday
- 08:55 Eurozone Markit Manufacturing PMI
- 09:00 Eurozone Unemployment Change
- 09:00 Eurozone Unemployment Rate s.a.
- 09:00 Eurozone Markit Manufacturing PMI
- 09:30 UK Markit Manufacturing PMI
- 09:30 UK Consumer Credit
- 09:30 UK Mortgage Approvals
- 13:00 Eurozone Harmonised Index of Consumer Prices (MoM)
- 13:00 Eurozone Consumer Price Index (MoM
- 13:30 Eurozone Core Personal Consumption Expenditure – Price Index (MoM)
- 13:30 Eurozone Personal Consumption Expenditures – Price Index (YoY)]
- 13:30 USD Personal Income (MoM)
- 13:30 USD Personal Spending
- 13:30 USD Personal Consumption Expenditures – Price Index (MoM)
- 14:45 USD Markit Manufacturing PMI
- 15:00 USD ISM Prices Paid
- 15:00 USD Construction Spending (MoM)
- 17:00 USD FOMC Member Kaplan Speech
- 19:00 USD Fed’s Beige Book
- 22:00 USD FOMC Member Brainard Speech
Thursday
- 08:00 Eurozone Unemployment
- 09:30 UK PMI Construction
- 10:00 Eurozone Unemployment Rate
- 10:00 Eurozone Consumer Price Index – Core (YoY)
- 10:00 Eurozone Consumer Price Index (YoY)
- 10:00 Eurozone Producer Price Index (YoY)
- 10:00 Eurozone Producer Price Index (YoY)
- 13:30 USD Initial Jobless Claims
Friday
- 09:00 Eurozone Markit PMI Composite
- 09:00 Eurozone Markit Services PMI
- 14:45 USD Markit PMI Composite
- 14:45 USD Markit Services PMI
- 15:50 USD ISM Non-Manufacturing PMI
- 17:00 USD Fed’s Stanley Fischer speech
- 18:00 USD Fed’s Stanley Fischer speech
- 18:00 USD Baker Hughes US Oil Rig Count
- 18:00 USD Fed’s Yellen Speech
