Whats in store for the pound this week?
As we begin the start of a new working week we have already seen the pound get off to strong start this morning having rallied against a number of major currencies, notably posting a 0.85% gains against the Euro and 0.7% against the US dollar. These moves come off the back of a poor week for the pound last week with sterling having fallen from recent highs of 1.14 to sit just below 1.12 against the euro, and down to 1.3150 from 1.36 against the greenback.
Should you have currency transfer to arrange in the coming days then I have outlined the key areas to focus on this week:
Monday 9th October – a quiet day with Bank holidays in the US
Tuesday 10th October – UK Manufacturing and Industrial Productions figures will be released at 09:30. Manufacturing is expected to fall month on month from 0.5% to 0.3% and Industrial Production is expect to stay flat at 0.2% – should the figures be released as forecast sterling could come under pressure tomorrow morning.
Wednesday 11th October – a number of speeches will be released from key Fed members following by the FOMC minutes at 19:00. Any focus on future interest rate rises, something many analysts expect the Fed to do in December, and the dollar could find some support late Wednesday.
Thursday 12th October – Euro zone Industrial productions figures, expected to increase month on month from 0.1% to 0.5% – potentially good news for the Euro. Following this will be a speech from the Chief Economist of the Bank of England, Andy Haldane. Again look for any clues surrounding UK monetary policy,
Friday 13th October – US retail sales data will be the key release scheduled at 13:30, this will be followed by inflation figures and number of speeches from key Fed members later in the day.
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