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Weekly Forecast: 4th Sep 2017
The Euro exchange rate has been riding high in recent weeks, partly on expectations that the European Central Bank is poised to announce a ‘tapering’ of its money printing programme. All eyes will be on the ECB to see whether it delivers with some analysts suggesting no action or future announcement from ECB could weaken the Euro.With the exception of the ECB announcement, this week looks set to be a quiet one for economic events and data.
US markets are closed today for Labour Day, and the data calendar is limited to second-tier releases over the balance of the week.
Finally to the UK and the main focus will be on the services purchasing managers’ index for August (Tues). While Friday’s manufacturing PMI rebounded to its highest since April, the manufacturing sector is being supported specifically by the fall in thepound. The services PMI is likely to be weaker. Following a disappointing CBI retail survey, tomorrow’s British Retail Consortium report will be watched for further clues on August retail sales. Later in the week, the focus shifts to official data, with the July industrial production, construction and external trade figures all due.
KEY DATA RELEASES
UK BRC retail survey (Tue)
UK services PMI (Tue)
US external trade (Wed)
US ISM non-manufacturing index (Wed)
European Central Bank policy announcement (Thu)
UK industrial production (Fri)
UK construction output (Fri)
UK external trade (Fri)
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The contents of this report are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. The author(s) cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.