Posts belonging to Category Sterling



Multi week lows for GBP on prospect of hung parliament

Sterling spiralled to multi-week lows against all the major currencies at the close of last week as unexpectedly tight election polls left the outcome of June’s vote in doubt.

Sterling spiralled to multi-week lows against all the major currencies at the close of last week as unexpectedly tight election polls left the outcome of June’s vote in doubt.

GBP/EUR dropped to a two-month low of €1.1432, GBP/USD slumped to one-month low of $1.2783, GBP/AUD brushed a worst rate of AU$1.7173, GBP/NZD tumbled to a six-week low of NZ$1.8115 and GBP/CAD was left trading in the region of C$1.7201.

Political developments will continue dominating headlines (and dictating pound movement) for much of this week with the election now just over a week away.

 

Wise Money market roundup

The pound (like the rest of us) was left really feeling the need for the Bank Holiday weekend, having experienced a bit of a dismal end to the week.

The resumption of political campaigning and the publication of the latest election polls conspired to send Sterling lower across the board.

The polls showed that Conservative’s lead against Labour had plummeted from 20 to 5 in just a matter of weeks.

Concerns that the election could result in a hung parliament left the pound at multi-week lows against the euro, US dollar and Canadian dollar.

The slide in GBP/USD was also the result of positively revised US growth data as the report boosted hopes that the Federal Reserve will increase interest rates in June.

Sterling was able to recoup some losses against the euro however amid concerns that the Greek bailout negotiations could come to a grinding halt. Greek Finance Minister Euclid Tsakalotos issued a warning to the nation’s creditors – Greece would not move on to the next stage of bailout discussions without the IMF and EU agreeing to debt relief.

What’s coming up money wise?

Political developments will continue dominating headlines (and dictating pound movement) for much of this week with the election now just over a week away.

There are no UK reports set for release today, but GBP/EUR fluctuations could follow the publication of the Eurozone’s economic/industrial/services and consumer confidence figures and German inflation stats for May.

Upbeat releases could see the pound return to its weakest levels against the euro.

Meanwhile, the US will be publishing personal consumption and consumer confidence numbers.

As long as the data supports the case in favour of the Federal Reserve increasing interest rates next month, the GBP/USD exchange rate is likely to remain trading in the region of a one-month low.

 

 

 

 

Pound tumbles as BoE hints that interest rates won’t climb until 2019

Yesterday wasn’t too super for the pound, with GBP exchange rates broadly declining in the wake of the BoE’s latest interest rate decision.

Yesterday wasn’t too super for the pound, with GBP exchange rates broadly declining in the wake of the BoE’s latest interest rate decision.

GBP/EUR dropped to a low of €1.1838, GBP/USD fell from $1.2944 to $1.2853, GBP/AUD edged from AU$1.7570 to AU$1.7439, GBP/NZD closed the day at NZ$1.8839 (up from a low of NZ$1.8774) and GBP/CAD dropped from C$1.7754 to C$1.7620.

Rising inflation could pressure the BoE into reconsidering its current stance on interest rates, so a stronger-than-anticipated result may boost GBP.

 

Wise Money Market roundup

Given that there wasn’t much going on for most of the week, the spotlight was really on Thursday’s trio of Bank of England (BoE) announcements.

Although ‘Super Thursday’ is the name applied when the BoE makes its interest rate decision, releases meeting minutes and publishes its inflation report, there wasn’t much super about yesterday.

Hopes that the central bank might vote for an increase in borrowing costs in the near future were quashed when only one member of the Monetary Policy Committee (MPC) voted for an immediate adjustment.

BoE Governor Mark Carney added to the pound’s woes. When asked if the current level of stimulus being employed by the central bank is excessive, he replied; ‘The stimulus isn’t excessive, it’s appropriate, first point, and that’s the judgement of the committee.’

Bets that borrowing costs won’t change until 2019 saw the pound fall away from its recent multi-month highs against the US, Australian, New Zealand and Canadian dollars.

The day’s other UK news wasn’t so hot either, with industrial output slowing in March and the nation’s trade deficit widening.

What’s coming up money wise?

With no UK news on the calendar for today, the pound may struggle to recover yesterday’s losses before the weekend.

Today’s Eurozone news (German growth and inflation numbers) came in largely as expected, although non-seasonally adjusted Q1 year-on-year growth beat forecasts and rose to 2.9%.

The GBP/USD exchange rate could slide further this afternoon if the US inflation report shows that consumer price pressures remained above target in April.

Looking ahead to next week and the main UK news to focus on includes the nation’s inflation, employment and retail sales data.

Rising inflation could pressure the BoE into reconsidering its current stance on interest rates, so a stronger-than-anticipated result may boost GBP.

A decent uptick in average earnings would also bolster the pound, as would signs that consumer spending remained strong in April.

 

 

 

GBP/EUR hits monthly high of €1.19

Gradual pound gains seem to be the theme of the week, with Sterling spending Tuesday sneaking its way higher against the majors.

Gradual pound gains seem to be the theme of the week, with Sterling spending Tuesday sneaking its way higher against the majors.

GBP/EUR advanced to a May high of €1.1921, GBP/USD tiptoed to an eight-month high of $1.2981, GBP/AUD surged from AU$1.7557 to AU$1.7649, GBP/NZD closed the day above NZ$1.8800 and GBP/CAD recovered from C$1.7673 to C$1.7816.

With ‘Super Thursday’ looming, what can we expect from the pound?

If the Monetary Policy Committee (MPC) is still split on whether interest rates should rise, the pound may hit new multi-month highs against the majors.

 

Wise Money market roundup

It’s been a pretty good week for the pound so far, with the currency quickly shaking off a slightly sluggish start and managing to achieve its best levels for months against several of its rivals.

Positive UK news came in the form of an impressive like-for-like sales report from the British Retail Consortium (BRC). Like-for-like sales had only been expected to increase 0.5% so the actual result of 5.6% was well received.

Meanwhile, the euro’s post-election rally stalled, the Australian dollar was weakened by a concerning slump in domestic retail sales, the Canadian dollar was pressured lower by sliding crude oil prices and the New Zealand dollar softened ahead of the Reserve Bank of New Zealand (RBNZ) interest rate decision.

What’s coming up money wise?

With another quiet day for UK data ahead, the pound may be on pause ahead of tomorrow’s ‘Super Thursday’ of Bank of England (BoE) announcements.

Given that the UK general election is just weeks away, the BoE is highly unlikely to make any changes to monetary policy, but the attitude of policymakers towards future adjustments will be key to how the pound ends the week.

If the Monetary Policy Committee (MPC) is still split on whether interest rates should rise, the pound may hit new multi-month highs against the majors.

However, if the MPC is united in its belief that policy should remain accommodative despite spiking inflation we could see Sterling give up this week’s gains.

The BoE will also be publishing its inflation report. Upwardly revised inflation forecasts could boost the odds of the central bank increasing interest rates in the near future and would therefore be pound-supportive.

The Reserve Bank of New Zealand (RBNZ) will be delivering its latest interest rate decision later today. If the RBNZ takes a cautious stance, GBP/NZD could be driven to new post-Brexit highs.

 

 

 

 

GBP/EUR back to €1.18 despite Macron’s triumph in French election

A trio of unexpectedly upbeat UK economic reports for the services, manufacturing and construction sectors left the pound pretty upbeat as markets closed for the weekend and Sterling remains close to multi-month highs.

A trio of unexpectedly upbeat UK economic reports for the services, manufacturing and construction sectors left the pound pretty upbeat as markets closed for the weekend and Sterling remains close to multi-month highs.

The GBP/EUR exchange rate begins this week at €1.1827 (up from this morning’s low of €1.1786), GBP/USD remains above $1.2950, GBP/AUD is trading at AU$1.7534 (up 5 cents from last week’s opening levels of AU$1.7070), GBP/NZD is holding NZ$1.8700 and GBP/CAD’s current rate of C$1.7735 is one of its highest since the UK voted to Brexit last year.

What impact did the French election have on GBP/EUR?

The new French President has intimated he will be taking a tough stance on Brexit, and any further hints that he plans to make the UK’s exit from the EU difficult could send the pound lower.

 

Wise Money Market Roundup

The new French President has intimated he will be taking a tough stance on Brexit, and any further hints that he plans to make the UK’s exit from the EU difficult could send the pound lower.

Although the reports aren’t expected to alter the Bank of England’s (BoE) current attitude on interest rates, they are at least an encouraging sign of how the UK economy is performing.

The data was enough to give the pound a leg up against its peers and help it shake off concerns surrounding the fraught relationship between Prime Minister Theresa May and EU officials.

Meanwhile, over in France, Centrist Emmanuel Macron managed to crush far-right Marine Le Pen in the second round of the French election, taking 65% of the vote.

While this outcome has helped dispel Frexit fears, it was so long expected that its impact on the euro was pretty minimal. EUR exchange rates did enjoy a small rally immediately after the results were announced, but quickly fell back to previous levels.

The Australian dollar came under pressure this morning as domestic building approvals plummeted (exacerbating worries about the Australian housing bubble) and China’s trade data revealed a sharp slump in imports.

 

What’s coming up money wise?

Today’s economic calendar isn’t exactly bursting with exciting releases, but there are a couple of reports to look out for.

The Eurozone’s Sentix Investor Confidence index for May is expected to climb from 23.9 to 25.2 – a potentially euro-positive result.

Canada is also set to release housing starts data, while the US rounds off the day with its measure of labour market conditions.

Macron’s victory may also be responsible for further movement in the currency market in the days and weeks ahead. The new French President has intimated he will be taking a tough stance on Brexit, and any further hints that he plans to make the UK’s exit from the EU difficult could send the pound lower.

 

 

 

 

Pound boosted by unexpected UK economic strength

While the pound might have failed to get the upper hand against the euro, upbeat UK data helped Sterling strengthen against the US, Australian, New Zealand and Canadian dollars.

While the pound might have failed to get the upper hand against the euro, upbeat UK data helped Sterling strengthen against the US, Australian, New Zealand and Canadian dollars.

The GBP/EUR exchange rate dropped from €1.1812 to €1.1753 but GBP/USD advanced from $1.2844 to $1.2941, GBP/AUD hit an eight-month high of AU$1.7530 and GBP/NZD fluctuated between NZ$1.8701 and NZ$1.8869.

 

Wise Money Market Roundup

What’s been happening?

A better-than-forecast UK services PMI gave the pound a bit of a boost on Thursday and helped the currency recover its previous Brexit-related losses.

The services report came in at 55.8 (beating predictions of 54.5) and rounding off a trio of unexpectedly perky releases.

Markit economist Chris Williamson said of the report; ‘The upturn in the services PMI rounds off a hat trick of good news after upside surprises to both the manufacturing and construction PMIs. The three surveys collectively point to GDP growing at a rate of 0.6% at the start of the second quarter.

While we expect consumer spending to slacken in coming months, with the April survey highlighting continued weakness in sectors such as hotels, restaurants and other household-facing businesses, there’s good reason to believe that at least 0.4% GDP growth can be achieved in the second quarter as a whole.’

The news that Prince Philip will be retiring from public life later this year didn’t impact the pound, but it did dominate headlines for much of the day.

Meanwhile, the belief that Centrist Emmanuel Macron won the final televised debate of the French Presidential election bolstered support for the euro ahead of Sunday’s vote, weakening GBP/EUR in the process.

What’s coming up?

The pound could extend gains against the US dollar before the weekend if the US non-farm payrolls report disappoints. Any weakness in the labour market could make the Federal Reserve think twice about raising interest rates in June.

Sunday’s French election will be the catalyst for GBP/EUR movement at the beginning of next week. The euro could rally if Macron does take the Presidency, despite his victory being so long expected.

However, if 2017 turns out to be as politically shocking as 2016 and far-right Marine Le Pen emerges triumphant, EUR exchange rates are likely to record dramatic losses.

Next week the most high-profile events on the UK’s economic calendar are the publication of UK trade data and the Bank of England’s interest rate decision/inflation report.

The BoE is highly unlikely to take any action at this juncture, and the minutes from its report may err on the side of caution in light of the upcoming UK general election.

 

 

Two US rate hikes still expected for 2017

Signs that the UK’s Brexit negotiations are going to be a bit more tempestuous than hoped have left the pound a bit despondent this week, with the currency failing to see much benefit from positive domestic data.

Signs that the UK’s Brexit negotiations are going to be a bit more tempestuous than hoped have left the pound a bit despondent this week, with the currency failing to see much benefit from positive domestic data.

In the past 24 hours the GBP/EUR exchange rate has fallen from €1.1846 to lows of €1.1799 while GBP/USD has slumped from $1.2935 to $1.2842. However, GBP/AUD has risen from AU$1.7246 to AU$1.7393 and GBP/NZD has advanced from NZ$1.8623 to NZ$1.8751.

 

Wise Money roundup

Yesterday’s UK construction PMI continued the week’s theme of better-than-forecast UK data by coming in at 53.1 in April, up from 52.2 in March. This followed hot on the heels of Tuesday’s unexpectedly strong manufacturing report.

As the construction sector contributes so little to total economic output, the result was a pleasant surprise but had little positive impact on Sterling.

In fact GBP exchange rates actually weakened on Wednesday thanks to concerns that the UK’s Brexit negotiations were already getting off to a bad start.

Accusations from Prime Minister Theresa May that Brussels was interfering in the UK election and threats of a whopping €100 billion exit bill saw the pound drift lower against the euro.

GBP/USD also fell in the wake of the Federal Reserve’s interest rate decision. While the central bank took no action at this juncture, it left the door wide open to two further rate increases over the rest of 2017.

The Fed’s statement asserted that it ‘views the slowing in growth during the first quarter as likely to be transitory.

While expectations of a June adjustment supported the US dollar, a softening in higher-risk currencies helped the pound stand firm against the Australian and New Zealand dollars.

What’s coming up?

Rumours that the Queen has called a meeting of ‘all staff’ at Buckingham Palace have been dominating headlines today, but as long as the subject of the meeting doesn’t have an economic focus the UK’s services PMI is still likely to be the main cause of pound movement today.

A hat-trick of positive results would give the pound a boost, but if the all-important services sector is shown to be struggling the pound could extend recent losses.

Eurozone retail sales data is also likely to impact the GBP/EUR pairing. As it stands, sales are believed to have stagnated on the month but risen from 1.8% to 2.1% on the year.

While better-than-expected figures could send the euro higher, gains may be limited ahead of the second round of the French election – due to take place on Sunday. Over in the US we’ve got trade balance, initial jobless claims and durable goods orders data to focus on.

 

 

 

Pound supported by surge in UK manufacturing

After getting off to a slow start to the week the pound rallied across the board thanks to an unexpectedly upbeat UK manufacturing report.

After getting off to a slow start to the week the pound rallied across the board thanks to an unexpectedly upbeat UK manufacturing report.

GBP/EUR fluctuated between €1.1790 and €1.1863, GBP/USD advanced from $1.2872 to $1.2947, GBP/AUD climbed to AU$1.7253 from AU$1.7089, GBP/NZD eased to NZ$1.8565 from NZ$1.8694 and GBP/CAD closed the day at C$1.7713.

Will the UK’s other PMI reports lend the pound further support? A rate hike is unlikely at this juncture, but US dollar volatility is expected to follow any hints about future adjustments.

Concerns that a recent meeting between UK Prime Minister Theresa May and European Commission President Jean-Claude Juncker wasn’t exactly amicable saw the pound slide on Tuesday.

However, Sterling’s losses proved short lived and GBP exchange rates were quick to rally after the UK’s manufacturing PMI was published.

Economists had predicted a slight slowing in manufacturing output, but the sector actually accelerated – with the PMI reading of 57.3 being the best result for three years.

Markit economist Rob Dobson had this to say; ‘The UK manufacturing sector made a solid start to the second quarter. Growth of output, new orders and employment all gathered pace, driven higher by the continued strength of the domestic market. ‘

He added; ‘There was also a solid bounce in new export business, as the weak sterling exchange rate helped manufacturers take full advantage of the recent signs of revival in the global economy, and especially the Eurozone, which is enjoying its best growth spell for six years. Although price pressures remain elevated, input cost inflation has eased significantly since hitting a record high in January.’

Meanwhile, the euro fluctuated in response to slightly below forecast unemployment data from the Eurozone and the news that a preliminary agreement had been reached between Greece and its creditors.

Wise Money asks what’s coming up?

In the early hours of this morning the British Retail Consortium’s (BRC) shop price index came in at -0.5%, as expected. This was a slight improvement on the previous reading of -0.8%.

The only other UK data scheduled for release today is Markit’s construction PMI.

The measure is expected to show a modest decline in construction output from 52.2 to 52. As the construction sector accounts for such a small proportion of total growth, such a result may not have much impact on the pound.

However, if the index massively over performs (like yesterday’s manufacturing PMI), the pound could gain, while a much lower-than-expected reading would be negative for GBP exchange rates.

Other notable reports to be on the lookout for today include the Eurozone’s Q1 growth data (which is forecast to accelerate slightly on the month but remain unchanged on the year) and the US ADP employment change, Markit services PMI and ISM non-manufacturing composite index.

While all the US reports are fairly high profile, their impact might be limited ahead of this evening’s Federal Reserve interest rate decision.

A rate hike is unlikely at this juncture, but US dollar volatility is expected to follow any hints about future adjustments. The US dollar could tumble if the Fed seems less likely to adjust interest rates in June then it did previously.

 

 

Can the pound hit new post Brexit highs this week?

Following the bank holiday break, the British currency had previously motored its way to new multi-month highs against a number of the majors.

Following the bank holiday break, the British currency had previously motored its way to new multi-month highs against a number of the majors.

As well as striking a seven-month high against the US dollar and its best level against the New Zealand dollar since July 2016, the pound achieved its strongest rate against the Canadian dollar since the UK’s decision to break with the EU last June. However, the pound softened slightly on Tuesday ahead of the release of the UK’s manufacturing PMI.

GBP/EUR dipped from €1.1832 to €1.1779, GBP/USD tumbled from $1.2909 to $1.2863, GBP/AUD dipped from AU$1.7131 to AU$1.7066 and GBP/CAD briefly edged below C$1.76.

But is the pound’s outlook positive this week? Keep scrolling to find out…

The biggest releases on the UK calendar this week are the nation’s manufacturing, services, construction and composite PMIs for April.

Last week’s UK growth data may have been a tad disappointing (showing the slowest rate of growth for a year) but the pound largely ignored the GDP report and remained trading close to some of its best levels since the EU referendum.

The US dollar, meanwhile, was undermined by sub-par US growth stats and a steep slide in US manufacturing output.

Demand for the euro remained mixed ahead of the second round of the French Presidential election, with a report showing an acceleration in Eurozone inflation doing little to boost the common currency.

Canadian dollar weakness was largely the result of concerns about US President Donald Trump’s trade plans and declining oil prices, while profit-taking and outperforming manufacturing data from Australia caused GBP/AUD to edge away from its recent highs.

The Reserve Bank of Australia’s (RBA) interest rate decision was a bit of a non-event, with the central bank maintaining the status quo.

What Wise Money thinks is coming up

The biggest releases on the UK calendar this week are the nation’s manufacturing, services, construction and composite PMIs for April.

Slowing growth – particularly in the all-important services sector – would be pound-negative.

According to Lloyds; ‘Following the disappointing first read of Q1 UK GDP last week, the coming week’s PMIs for April will be monitored for insights on prospects for the second quarter, starting with the manufacturing PMI today. The headline index recorded its third consecutive monthly decline in March, dropping to a four month low of 54.2.’

If, however, the PMI reports show unexpected growth they could prove to be the boost GBP exchange rates need to achieve new best levels.

Eurozone unemployment data could inspire euro movement today. If the rate of joblessness in the currency bloc eased from 9.5% to 9.4% as anticipated, GBP/EUR could extend losses.

Finally, we could see some volatility in the GBP/NZD exchange rate in the hours ahead with a dairy auction due to take place and New Zealand set to publish employment figures for the first quarter.

 

Euro loses election gains, pound hits 6 month high vs. US dollar

The pound managed to strike new multi-month highs against the US, Australian, New Zealand and Canadian dollars yesterday without the backing of any positive UK developments.

The pound managed to strike new multi-month highs against the US, Australian, New Zealand and Canadian dollars yesterday without the backing of any positive UK developments.

The ECB rate decision helped GBP/EUR achieve highs of €1.1885, dissatisfaction with Trump pushed GBP/USD all the way to $1.2914, and further Canadian dollar losses meant GBP/CAD was able to surge to a new best level of C$1.7633. Meanwhile, GBP/AUD climbed another cent to AU$1.7326 as GBP/NZD achieved NZ$1.8815 – its strongest rate since July last year.

A seriously worse-than-expected US durable goods orders report didn’t help the situation and GBP/USD skipped merrily to a six-month high.

Yesterday’s European Central Bank (ECB) meeting left the euro struggling, with President Mario Draghi seeming keen to quash speculation that there are any plans to adjust monetary policy at this juncture.

Although he acknowledged that the Eurozone’s economic outlook is a little brighter, he also asserted that ‘a very substantial degree of monetary accommodation’ is still necessary in order to give inflation a leg up.

With the euro falling in the wake of Draghi’s comments, the pound was able to creep its way up to its best levels since the results of the first round of the French general election were announced.

While Draghi was responsible for the euro’s losses, it was President Trump causing reduced demand for the US dollar. Concerns that his hotly-anticipated tax plan was actually a bit of a flop saw USD exchange rates slide. A seriously worse-than-expected US durable goods orders report didn’t help the situation and GBP/USD skipped merrily to a six-month high.

Persistent weakness in the commodity currencies also worked in the pound’s favour, allowing the British currency to advance to some of its best levels since the EU referendum.

News that the GfK survey of consumer confidence softened from -6 to -7 in April failed to take the wind out of the pound’s sales on Friday.

Wise Money market data coming up

The UK and US GDP reports are some of the key highlights on the economic calendar today. If US growth slows to the extent forecast in the first quarter (from 2.1% to 1.0%) GBP/USD could be headed for even dizzier heights.

The Eurozone is also set to publish inflation figures for April. In light of Draghi’s comments yesterday, slowing inflation is liable to send the euro lower. Conversely, if non-core inflation increases to 1.8% from 1.5% as anticipated the euro could bounce back before the weekend.

Looking ahead to next week and the biggest economic movers of GBP exchange rates will be the UK’s services, construction and manufacturing PMIs for April. Indications that economic output is slowing would put the pound under pressure as campaigning for the UK snap election intensifies.

 

Pound returns to multi month highs before growth data

UK news might have been lacking yesterday but that didn’t stop the pound striking new multi-month highs against the Canadian, Australian and New Zealand dollars.

UK news might have been lacking yesterday but that didn’t stop the pound striking new multi-month highs against the Canadian, Australian and New Zealand dollars.

Sterling was also able to claw back some of this week’s losses against the euro and edge higher against the US dollar.

GBP/EUR advanced from €1.1731 to €1.1817, GBP/USD jumped from $1.2807 to brush $1.2900, GBP/AUD hit AU$1.7233 (its best level since September 2016), GBP/NZD gained two cents to achieve NZ$1.8676 (its strongest rate since last July) while GBP/CAD remained close to seven-month highs at C$1.7475.

Signs that the post-Brexit economic slowdown predicted before the EU referendum is becoming reality would be pound-negative and may leave GBP exchange rates softer before the weekend.

A blank economic calendar for the UK left the pound to be moved by external developments yesterday, and a combination of profit-taking, US news and trade concerns ensured the British currency came out on top against most of its rivals.

While the euro edged away from its recent highs ahead of the European Central Bank’s (ECB) interest rate decision, demand for the US dollar eased as President Donald Trump unveiled disappointing tax plans.

The main development was the decision to slash US corporation tax from 35% to 15%, but fears that this move could result in a ballooning US budget deficit left the US dollar struggling.

Meanwhile, a tweet from Trump condemning Canada’s perceived injustices against US dairy farmers inspired concerns that New Zealand (the world’s largest exporter of dairy products) could come under fire next, resulting in significant New Zealand dollar losses.

Demand for the Australian dollar also remained tepid after domestic inflation data fell short, reducing the odds of the Reserve Bank of Australia (RBA) increasing interest rates.

 

Wise Money market data coming up

Today’s big news item is the European Central Bank’s (ECB) interest rate decision. No changes to monetary policy are expected, but the tone and content of President Mario Draghi’s accompanying statement could inspire euro movement.

Any hints that the central bank is preparing to taper its quantitative easing programme would give the euro a boost and could drive GBP/EUR back to this week’s lowest levels.

Other news includes US trade balance, wholesale inventories and durable goods orders data. A trio of positive results would support US interest rate hike expectations and could give the US dollar a bit of a lift.

We’ll finally see some UK data on Friday, in the form of the GfK consumer confidence index and the nation’s first quarter growth data.

Signs that the post-Brexit economic slowdown predicted before the EU referendum is becoming reality would be pound-negative and may leave GBP exchange rates softer before the weekend.