What could move exchange rates this week?

The Pound has started the week well, rising by half a cent vs the Euro to €1.13, and above $1.31 against the US Dollar, recovering some of the losses from last week.

Below are the main data releases for the week ahead that could move exchange rates:

Monday 6th November – There’s nothing of note from the UK today, so GBP/EUR will be driven by events from the Eurozone. Confidence data and inflation numbers are the main release that could affect the Euro. Other than that the only data of note is a speech by a US Federal Reserve member that could affect GBP/USD rates.

Tuesday 7th November – Australia announces its decision on interest rates today, and while rates are expected to remain at 1.5%, softer Aussie data of late could lead them to hint at a rate cut, which would weaken the AUD and push GBP/AUD rates up. From the UK, we have the latest House Price data, and a GDP estimate from the NIESR. Eurozone Retail Sales could also affect GBP/EUR. For those looking at GBP/CAD rates, a speech by the Bank of Canada governor could affect this pair.

Wednesday 8th November – The main data release today is from New Zealand at 8pm when they announce their decision on interest rates and give a monetary policy statement.

Thursday 9th November – Today is an important one for GBP/EUR rates, as we have German Trade balance data, along with an economic bulletin for the EU as a whole, including growth forecasts. Good news would strengthen the Euro and pull Pound/Euro rates lower. From the USA we have jobless claims.

Friday 10th November – An important day for Sterling; at 09:30am we have the latest Manufacturing and Industrial production numbers, along with the latest Trade Balance figures. If the numbers are better than forecast, then Sterling would gain against other currencies.

To find out more about what is moving exchange rates, or to get a free quote to see what rate we can offer you, make a free enquiry today.

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