GBP 
The pound gained against it’s major currency counter-parts yesterday with
data stating a further increase in housing prices, up 1%, which was 0.5% ahead
of target. We also saw construction PMI beat targets. Despite the relatively
light news, it was big news for an economy underpinned by housing prices and
led to further Pound strength  

EUR

GBP 
The pound gained against it’s major currency counter-parts yesterday with
data stating a further increase in housing prices, up 1%, which was 0.5% ahead
of target. We also saw construction PMI beat targets. Despite the relatively
light news, it was big news for an economy underpinned by housing prices and
led to further Pound strength  

EUR
With little news out from the Euro-zone the focus is back on Draghi, with the
area looking for him to light the way towards economic recovery. Analysts are
expecting Euro-zone interest rates to stay at record lows until the end of
2016. This should signal further Euro weakness. 

USD
On Wednesday US Federal Reserve chair Janet Yellen discussed a number of
issues that the US is currently facing. One of the major focuses being
Lending and the potential effect that interest rates can have. When discussing
historical interest rates she defended the low interest rates that the US have
had stating higher interest rates would have increased unemployment and would
not have closed regulatory gaps that allowed large banks to escape
“comprehensive” supervision. 

Yellen also stated that an interest rate rise is not likely until early
next year. Yellen also suggested that we are likely to see the US take a lead
from the UK and implement tight measures and oversight on it’s financial
system.

The US also had ADP unemployment figures out coming in at 281k, which was well
ahead of forecast and caused some short term dollar strength.

Today
Today we have a lot  of news out from the US with it being
independence day tomorrow. Non-farms are coming a day early, with forecasts
positive, we could see USD strength later on in the afternoon.  

Key Announcements:
10:00– EUR-Euro-Zone Retail Sales (MoM) (MAY) expected to be lower at 0.3%
  
12:45 -EUR-European Central Bank Rate Decision  expected to be unchanged
at  0.15%  
13:30 -USD Change in Non-farm Payrolls June expected be lower at 213k
13:30 -USD Unemployment Rate June expected to be unchanged
at  6.3%  

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