ECOFIN first financial meeting

Worldwide currencies to look out for

- The Economic and Financial Affairs Council (ECOFIN) will have its first meeting today. ECOFIN will discuss a range of financial issues, covering the support mechanisms for the euro and the euro government finances.
- The Eurozone Trade Balance will be announced today at 10. 00 am.
- CAD Foreign Securities Purchases figure that measures the total value of stocks, bonds and money-market assets purchased by foreigners will be announced at  1.30 pm today
- TIC Long-Term Purchases which shows the difference in value between foreign long-term securities purchased by US citizens and US long-term securities purchased by foreigners will be meeting at  2.00 pm today
- The Preliminary UoM Consumer Sentiment measuring the level of composite index based on surveyed consumers will be meeting at  2.55pm today.

ELSEWHERE

· Swiss Industrial Production came out at 3.6%, greater than expectation of a 3.3% reading and the Swiss Libor rate remained unchanged under 0.25% and will continue to target a 3-month Libor rate at zero
· The Eurozone core CPI for August, remained unchanged at 1.2%, in line with forecasts. The ECB Monthly Bulletin showed inflation elevated and is likely to stay above 2% over the next few months before declining next year.
· In the US, CPI rose a seasonally adjusted 0.4% in August, while the core rate rose 0.2%
· The Philly Fed Manufacturing Index actually showed an improved figure, rising to -17.5 from -30.7 last month, although economists had envisaged a rise to minus 15. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware.
· EURUSD hits a low of 1.37032 and a high of 1.3957 as demand for the euro returns.

IN THE UK

· Retail sales in the UK come out at -0.2%, showing a contraction in last month’s retail sales. This was mainly due to the riots that hit major cities throughout the UK but better than forecasted
· Rising prices showed the total value of sales in August was 4.7%, higher than in August last year.
· Britons’ inflation expectations climbed to their highest level in three years last month showing pressures on households on the back of soaring prices.
· UK Consumers expected prices to increase 4.2% over the next year, up from a reading of 3.9% in May
· GBPEUR hits a low of 1.13749 on the day and a high of 1.1498 whilst GBPUSD hits a low of 1.5730 and a high of 1.5868

Have a great weekend.

Current Spot Rates (9.00am)
USD EUR AUD CAD CHF DKK NOK HKD SEK ZAR JPY
GBP 1.5748 1. 1421 1.5247 1.5520 1.3768 8.5071 8.8202 12.2660 10.44 11.68 120.83
USD 1.3789 0.9682 0.9855 0.8743 5.4020 5.6008 7.79 6.63 7.42 76.725
EUR 0.7252 1.3350 1.3589 1.2055 7.4486 7.7228 10.74 9.14 10.23 105.793

Key Support and Resistance Levels
Support Resistance
GBPUSD 1.5591 1.5660 1.5730 1.5869 1.5938 1.6008
GBPEUR 1.1206 1.1289 1.1335 1.1464 1.1547 1.1593
EURUSD 1.3504 1.3603 1.3739 1.3974 1.4073 1.4209

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ECOFIN first financial meeting

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