This Weeks Data
Tuesday & Wednesday
We had an interest rate decision for Australia this morning. Rates rose to 4.25% as expected. This afternoon we have the FOMC minutes from the US. These are a clear guide to the future US interest rate policy, and so can affect the value of USD. This evening there is a measure of UK confidence from the Nationwide. high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn.
Tomorrow the EU release Gross Domestic Product data. GDP is considered as a broad measure of the Eurozone economic activity and health and the figures often cause volatility for the Euro. Producer Prices from Germany and the EU are also released Wednesday, so discuss the impact of this with your account manager if you need to buy or sell euros.
Thursday & Friday
A big day for Sterling. First thing Thursday we see Industrial and Manufacturing production. Then the BoE will announce their decision on interest Rates. We expect rates to stay on hold, but watch for any other comments about the economy or further Quantitative Easing which could weaken Sterling. Also on Thursday the ECB will announce their interest rates. Again, we expect no change however the press conference afterwards often gives an indication to how the EU economy is faring and can affect GBP/EUR rates.
On Friday we have Producer Prices from the UK and unemployment from Canada. As always, to discuss the impact of data releases on your particular requirement, contact us today for a free consultation on the direction of the markets.
Keep abreast with what effect these data releases have had on exchange rates by following us on twitter in addition to regular rate updates every 3 hours.
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