Macron Victory Gives the EUR a Boost!
TUE 25/4: US New Home Sales to Affect the USD
FRI 28/4: UK GDP to Affect the GBP
Last Week’s Recap – Pound Skyrockets to 6-Month Highs
Last week was an eventful week! Early in the week, Turkish President Recep Tayyip Erdogan declared victory in a referendum designed to hand him sweeping powers. On Wednesday, the British Parliament approved Prime Minister Theresa May’s proposed snap elections, shooting the pound to more than six month highs! Thursday was a challenging day for France as ISIS claimed a terrorist attack at Champs Elysees while on Friday the euro dipped amid uncertainty over the first round of the French elections.*
Monday Morning briefing – Macron Victory Gives the EUR a Boost!
European markets have started the week on a positive footing after the centrist Emmanuel Macron won the first round of the French election on Sunday. The euro also gained significant momentum on the news, reaching a five-month high during Asian trading hours. Investors are now growing confident that Macron will also defeat Marine Le Pen, in the runoff vote on May 7, which diminishes the chances of France leaving the European Union.
Upcoming News and Data Releases that will Affect this Week’s Markets…
TUE 25/4 – U.S. New Home Sales to Affect the USD
The number of new homes sold in the U.S. is expected to rise marginally to 595K from a previous 592K. The data is due to be released at 14:00 GMT and a higher than expected reading could push the USD higher!**
THU 27/4 – ECB Interest Rate Decision to Affect the EUR
The European Central Bank has kept key interest rates at 0% for nine consecutive months so investors will be looking very closely at this next ECB meeting on Thursday, at 11:45 GMT. Note that if the ECB finally raises rates this week, the EUR is expected to rally!**
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FRI 28/4 – UK GDP to Affect the Sterling
As the British gear for a snap general election on June 8, U.K.’s Gross Domestic Product (GDP) will reveal the annualized change in the value of goods and services produced, this Friday. How will the British economy fair? Consensus is that U.K.’s GDP will edge higher, with forecasts at 2.2%, compared to a previous 1.9 percent which is expected to further support the GBP**
View all Important economic releases & events this week: