Weekly Currency Review

Last week saw a very good week for Euro buyers as we saw a 4 month high with over a cent and ¾ rise. Mario Draghi’s speech confirmed intentions of monetary easing in December and a potential interest rate cut which sunk the euro down. To further boost the pound the UK released a better than forecast inflation figure with a 0.1% rise to 1.1 from the previous 1.0%. FOMC minutes didn’t have any new information about interest rates decision but is still expected to rise in the next month. 

The week ahead:

Monday – Today there is very little data out but earlier this morning Germany released some positive figures with Markit Services PMI coming it a positive figure of 55.6 from the previous 54.5 and also Markit Manufacturing PMI posting a positive figure of 52.6 from 52.1. Later in the afternoon at 14.45pm the US will also post their figure of also Markit Manufacturing PMI.

Tuesday – Overnight night The Reserve Bank of Australia’s governor Glenn Stevens will be holding a speech while in the morning in Europe Germany post figures on Gross Domestic Product. In the UK at 9.00am will be the Inflation Report Hearing.

Wednesday – In The US at 13.30pm Durable Goods Orders are announced being the only important data to be released today.

Thursday – at 9.30am comes The Financial Stability report from the UK.

Friday – To end the week at 9.30am the UK will post Gross Domestic Product Data and the EU Financial Stability Review will be announced.

As always stay in close contact with your Currency Index account manager to be kept informed of exactly what is happening and how it is likely to affect your upcoming currency purchase.