revised Q2 GDP figures are released

International currency board

Worldwide  TO LOOK OUT FOR

UK data expected to come out at 0.2% which is expected due the significantly sterling volatility if it much different to the consensus at 9.30 am revised Q2 GDP figures are released.

  • 10.30 Swiss KOF Economic Barometer, the figure is expected to fall but will the CHF continue to weaken?
  • 1.30pm in the US sees Preliminary GDP figures, Personal Consumption and Michigan Consumer Sentiment, analysts suggest the figures will be disappointing showing falls across the board.
  • The highlight of the week for USD traders is Ben Bernanke’s speech at Jackson Hole this afternoon beginning at 3.00pm. There has been speculation about whether or not QE3 will be implement today or not and what the Fed have up their sleeves to help the US economy avoid re-entering recession. The markets will be closely monitoring his words and we can expect movement in all currency pairs.

ELSEWHERE

  • German GfK Consumer Climate comes out at a reading of 5.2 points in September, in line with economists’ expectations
  • The worsening of the international debt crisis and rising concerns of a return to a global recession clearly leaves its mark of Germans’ economic optimism.
  • In Switzerland, economic expectations slumped to the lowest level in more than two and a half years in August, sliding 12.5 points to -71.4, down from -58.9 points in July.
  • The Swiss indicator for the inflation outlook also fell, with only 14.3% of financial market experts still anticipating inflation rates advancing on a six-month horizon, compared with 23.5% a month earlier.
  • US weekly jobless claims rise more than expected, by 5,000 to a seasonally adjusted 417,000, the Labour Department said, adding that striking Verizon workers filed 8,500 claims for jobless benefits last week, after submitting 12,500 applications the previous week.
  • The RBA in Australia expect inflation to be at 3% by the end of the year but have said they will be keeping interest rates on to maintain stability despite rising inflation.

IN THE UK

  • Investors worry as Nationwide Consumer Confidence Index records a score of 49 for July, despite being above consensus it shows a decline of 2 points and the lowest reading since April
  • The report shows UK inflation is outpacing wage growth, putting pressure on household incomes at a time when government budget cuts are fuelling concerns about rising unemployment
  • MPC policymaker, Martin Weale, said the Bank of England can hold fire on further monetary stimulus despite economic weakness and recent market turmoil, as the overall picture is brighter than it was in the run-up to the financial crisis. These comments are in line with remarks by fellow policymaker, David Miles.
  • GBPEUR hits a low of €1.1318 during days trading after opening at €1.1363 and GBPUSD hits a low of $1.6260 after its recent run up to 3month highs.

 




Have a great bank holiday weekend.

Current Spot Rates (9.30am)
USD EUR AUD CAD CHF DKK NOK HKD SEK ZAR JPY
GBP 1.6303 1.1299 1.5555 1.6082 1.2890 8.4183 8.7946 12.7000 10.28 11.77 125.605
USD 1.4425 0.9541 0.9864 0.7907 5.1637 5.3945 7.79 6.31 7.22 77.044
EUR 0.6931 1.3767 1.4233 1.1408 7.4505 7.7835 11.24 9.10 10.42 111.165

Key Support and Resistance Levels
Support Resistance
GBPUSD 1.6093 1.6177 1.6230 1.6367 1.6451 1.6504
GBPEUR 1.1250 1.1282 1.1303 1.1356 1.1388 1.1409
EURUSD 1.4162 1.4243 1.4311 1.4460 1.4541 1.4609

 

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