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28th November - Weekly FX Update

Top Currency Pairs Monday 28th November 04:00 UTC GBP/USD: 1.20476 (Last Week: 1.18537) EUR/USD: 1.03558 (Last Week: 1.03012) GBP/EUR: 1.16337 (Last Week: 1.15071)

Market News

Pound Sterling The week ahead for the Pound will largely be shaped by data releases in the US, with no critical data being released from the UK itself. The Pound traded last week at its highest point against the US Dollar since August, around the 1.20-1.21 mark. Domestically the UK Retail sector will be hoping for some increased spending amongst consumers during the Black Friday and Cyber Monday events with a 0.8% increase year on year expected. Despite the increase bringing the overall figure to £8.7billion, once that growth figure is adjusted for inflation it doesn't read quite as well, with inflation remaining at a 41 year high of 11.1%.

Euro Despite ongoing troubles in the Eurozone, weakness in the US Dollar has caused the Euro to perform quite well against the Dollar, however the Euro remains in a volatile state. This week we will see German inflation and unemployment data, and any indication that data falls below expected forecasts could mean the reversal of recent gains for the European currency. The Eurozone will also release information on inflation this week and particular interest will be paid to news coming from the various data releases coming out of the US.

U.S. Dollar After a shorter trading week last week brought about by Thanksgiving, the week ahead by contrast sees a busy schedule of major events and data releases from Tuesday right through to Friday which should capture plenty of attention. On Tuesday, we see the CB consumer confidence data released followed by Wednesdays GDP growth rate QoQ with a second look on Q3 figures. Thursday is a busy day of releases starting with core PCE Price index which will outline the effect inflation has had on the prices paid for purchases of goods and services domestically in the US. ISM manufacturing PMI is released later that day which is a key indicator on the overall state of the US economy as demand and ordering activity is measured across the nations factories. Friday's announcement sees Non-Farm Payroll and unemployment figures brought to light, where it is expected to reveal a slow down in companies taking on new employees and a rise in those losing jobs with major employers.

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Disclaimer: This is not investment advice; it is for informational purposes only.


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