Slow start to week with no data
15 October, 2015
Yesterday was one of the quietest days on the markets for a number of weeks with no key announcements or data released. The lack of activity was also aided by much of the USA having a national holiday for Columbus Day. GBP/EUR and GBP/USD traded within a small 50 pip range, finishing the day more or less where it started. When the markets are flat like this then more often or not a bigger movement follows shortly after and today’s eco stats are likely to get this underway.
At the European open this morning the latest inflation figures were announced for Germany and results met expectations at 0% on the year. Despite a not very exciting figure, the Euro has rallied half a cent already this morning, as it seems only very bad news can knock the Euro off its perch at present.
At 9:30am this morning we have the inflation announcements for the UK, with expectations leaving little to be optimistic about. Inflation was up by 0.2% last month however the consensus for September’s growth is flat at 0% with the same figure expected on an annual basis. With the pound still under pressure only a better than expected result is likely o give any boost for the pound, otherwise a continuation of recent losses should be expected. With the Euro starting to rally again last week it could once again be GBP/EUR that suffers this week if figures do not impress the markets. Despite a lack of data, the afternoon trading could bring further swings with all of the US back in business.
Later tonight we also have some key releases out of Australia with their latest unemployment figures. Expectations are not very positive for September and a weak figure could see better buying levels for GBP/AUD tomorrow if confirmed. The Aussie has gained 10 cents against the pound in the last 2 weeks with steam finally running out in the recent rally so this could provide a nice spike for AUD purchasers if figure are as weak as forecast.
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