What might affect exchange rates this week?

Monday 9th December 2013 
Today has been relatively quiet, and not much has changed since my last post in which I outlined why Pound/Euro rates had fallen below €1.20. On Friday last week we did see the Pound/Euro rate slip back a little further, and today GBP/EUR rates are stable in the mid €1.19’s, and Pound/Dollar rates just below $1.64. Later today we have a speech by the Bank of England governor Mark Carney and it will be interesting to see how his comments affect the Pound. 

As the market is quite stable, today I am going to list the week’s economic data releases that I think will have an effect on exchange rates. 

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This weeks economic data that could affect exchange rates

Monday 9th December 2013 

This morning we had some minor EU data from Greece along with EU investor confidence data and GDP numbers from Portugal. The numbers were slightly worse than forecast, but had no real effect on exchange rates. 

The main factor for exchange rates today will be a speech by the Bank of England governor Mark Carney. Usually his comments are positive and so send the Pound higher, so it will be interesting to see the effect of his words at 17:15pm this afternoon. 

Tuesday 10th December 2013 

There are various UK releases today that could affect Sterling: House Prices, Trade Balance figures, Industrial & Manufacturing Production are all released at 09:30am. Later in the afternoon we have a GDP estimate by the National Institute of Economic and Social Research (NIESR). In my view the GDP estimate could cause some volatility with Pound/Euro rates. 

Elsewhere we have a speech by the European Central Bank (ECB) president Mario Draghi. The last time he spoke his comments were positive for the Euro causing Pound/Euro rates to drop away. 

Wednesday 11th December 2013 

There are no UK releases of note today so I expect a quiet day on the currency markets. The only data of note is an interest rate decision and press conference from the Reserve Bank of New Zealand, which could cause some volatility for GBP/NZD rates. There is also a budget statement from the Federal Reserve that could cause changes in the GBP/USD rate. 

Thursday 12th December 2013 

Unusually for a Thursday it’s quite quiet today with nothing of note from the UK. We do have some EU Industrial Production numbers and a monthly report from the ECB. Most data today is from the United States: Jobless Claims, Retail Sales, and Business inventories. 

Friday 13th December 2013 

Relatively quiet again, with the only UK data of note a speech by BoE member Mr Dale; his comments could cause volatility with the Pound. Elsewhere we have some EU employment figures, and some inflation data from the United States. 

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