Big week ahead for the big 3

As we enter into the last month of the year it will be a busy and important week for the Pound, Euro and US Dollar as much of the month’s key releases come thick and fast. With trading dying down over the Christmas period most people will be looking to secure their currency whilst the markets are still lively in the coming weeks so be in close contact with your broker to act on any opportunities that may be presented in this timescale.

Last week saw the pound finish lower against the Euro and US Dollar whilst good gains were made against some of the more struggling currencies in the last 7 days such as the Australian and Canadian Dollar. Sterling itself was rather flat last week with other currencies driving the markets, however the month brings new data to set the tone for the coming weeks.

UK PMI figures will be the focus leading up to the interest rate decisions from both the Bank of England and ECB on Thursday. Will the ECB announce any new monetary policies that could weaken the Euro? Or will they simply talk about some more? The Euro is certainly set for a turbulent few days with GDP and Retails Sales also to be announced on Wednesday. The week has begun well for the pound with Manufacturing PMI coming in better than expected this morning at 53.5 up from 53.2 last month. Interest decisions are also announced in Canada and Australia this week and the big non-farm payrolls and unemployment rate will be the focus on Friday for those of you sending money to the USA. For a more detailed review of key events this week see below:

Currency News This Week

Monday:

• 3:00pm (USD) – ISM Manufacturing

Tuesday:

• 3:30am (AUD) – RBA Interest Rate Decision
• 9:30am (UK) – PMI Construction

Wednesday:

• 12:30am (AUD) – Gross Domestic Product
• 9:30am (UK) – Services PMI
• 10:00am (EUR) – Gross Domestic Product / Retail Sales
• 3:00pm (CAD) – Interest Rate Decision

Thursday:

• 12:00pm (UK) – Interest Rate Decision
• 12:45pm (EUR) – Interest Rate Decision
• 1:30pm (EUR) – ECB Press Conference

Friday:

• 9:30am (UK) – Consumer Inflation Expectations
• 1:30pm (USD) – Non-farm Payrolls / Unemployment Rate
• 1:30pm (CAD) – Unemployment Rate