UK: Weekly FX Market Update 15 September
GBP
GBPUSD stayed supported last week, even after the UK’s monthly GDP for July flatlined.
The UK Employment data will be released on Tuesday, followed by the UK CPI on Wednesday.
Will the latest data show a stagnating economy, placing the Bank of England in a bind for its Thursday interest rate decision?
EUR
The ECB stated that interest rate cuts are off the table, which the markets largely agreed with.
Just two days after the announcement of France's new Prime Minister, their fifth in two years, Fitch downgraded the French credit rating to its lowest on record, citing political instability and rising debt.
Will ZEW economic sentiment confirm the ECB’s positive comments on the Eurozone economy? Or could we see a weaker Euro from potentially higher treasury yields?
USD
The USD fluctuated back and forth last week.
Will the Appellate court allow the POTUS to push Fed governor Cook out of her post? A decision has been requested by today, Monday, 15th.
Eyes will then turn to the FOMC on Wednesday. Will the Fed cut rates by 0.25% with a dovish statement? Could we see a 0.50% cut? Is there more USD weakness around the corner?
Main events for this week:
Mon Sep 15
All Day JPY Bank Holiday
13:30 USD Empire State Manu Index
Tue Sep 16
07:00 GBP Average Earnings/Claimant Count Change/Unemployment Rate
10:00 EUR ZEW Economic Sentiment
13:30 USD Retail Sales
Wed Sep 17
07:00 GBP CPI
08:30 EUR ECB President Lagarde Speaks
10:00 EUR Final CPI
19:00 USD FOMC Int Rate Decision
19:30 USD Fed Chair Powell Press Conference
Thu Sep 18
02:30 AUD Employment Data
09:00 EUR Current Account
12:00 GBP BoE Int Rate Decision
13:30 USD Unemployment Claims
Fri Sep 19
05:00 JPY BoJ Int Rate Decision/Statement
05:30 JPY BoJ Press Conference
07:00 GBP Retail Sales
About the author
