Following the shock announcement from the Swiss National Bank (SNB) last week the FX markets returned to a level of normality today. Despite the continued turmoil surrounding Switzerland and Europe the pound maintained its ground against the U.S dollar, spending most of today's session within a 40 pip range. The currency pair opened this morning at $1.5119 but quickly climbed and spend the rest of the day bouncing between $1.5180 & $1.5140.
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With the U.S markets closed for Martin Luther King day and no data releases coming from the UK today's trading session was always going to fairly quiet one. The rest of the week will be different though, with a string of economic numbers and key announcements coming from the UK, U.S. and Eurozone.
What to look out for this week
Tuesday
Another fairly quiet day in terms of data releases with nothing of note coming from the UK. Later in the afternoon there is a speech from FOMC member Jerome Powell is due to deliver a speech at an event in Washington called "Making Markets Fair and Effective for All". FOMC members public appearances are often closely monitored as their engagements are used to drop subtle hints about future monetary policy.
Wednesday
Should be a busier day for the FX markets with Average Earning and Claimant Count figures coming from the UK. The Bank of England will also release the minutes from their January meeting, though they are unlikely to provide us with any surprises. In the afternoon we will see the latest Building Permit and House Starts from the U.S.
Thursday
Potentially the biggest day of the week as the European Central Bank (ECB) are due to hold a press conference and it is widely anticipated ECB President Mario Draghi will announce a €500 billion stimulus programme. The announcement could impact the value of the pound and dollar and cause some market volatility.
Friday
A quiet end to the week with the only releases of note coming in the form of Retail figures from the UK and Flash Manufacturing from the U.S.
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