14 January, 2014
Sterling struggled late last week following the news of industrial production figures within the UK had stalled when growth of 0.4% was expected. Despite this negative, Sterling did break the 1.65 level against the USD for the first time since the beginning of the month. This was followed from worse than anticipated Non Farm Payrolls data on the US job market. The CPI inflation data release is expected to show a 2.1% rise – the same percentage change as in December and only just above the Bank of England’s 2% target. Retail sales data released on Friday is expected to show an increase of 0.5%. Both data releases will be very closely watched as they are viewed as key indicators as to when interest rates could start to be increased, so please call your trader now for a live update on the market.
As for the week ahead we still are backed by the quiet data releases on the currency market.This is off the back of CPI figures which we look for further gains if positive data is received – this is particularly clear with USD and EUR which has little room to breathe until Thursdays data. First data expected from the Eurozone is Harmonized Index of consumer prices and this shortly followed by the European Central Bank monthly report.
We have seen a strong leadership coming from the ECB and Mario Draghi remains confident in his holding of interest rates from the recent raise. A positive for the Euro and like minded countries, who have seen output on many levels grow in the past six months. If you missed our report from the ECB you can find it on our Youtube channel here – http://www.youtube.com/watch?v=8dKPrdJY0NY
But don’t forget if you have any currency requirements speak with our professional team of brokers who can help you find the best rates. We can also keep you update on the latest trends and movements via our weekly newsletter and daily updates on the currency markets on our @CurrencyIndex Twitter account.
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