End of week report 26th October

Good afternoon everyone,

 

A quiet end to the week as the major events have subsided for now but this afternoon and Q3 GDP data is expected to show that US economic growth remains robust. Many expect a 3.6% annualised quarterly rise, down modestly from Q2. 

Else where and the S&P is expected to follow Moody’s lead today and downgrade its rating of Italian debt. On Tuesday, the European Commission took the unprecedented step of rejecting Italy’s draft budget, due to it breaking EU fiscal rules. The Italian government now has three weeks to produce a new plan.

Today’s speech from European Central Bank President Draghi seems unlikely to offer anything on the immediate outlook for ECB monetary following yesterday’s press conference. Nevertheless his comments will still be of interest as he is set to examine the outlook for Eurozone inflation. As ‘core Eurozone CPI inflation is still running well below the ‘headline’ rate, markets will be interested in a more detailed explanation as to why the ECB expects this gap to close. 

Next week will see market attention split between Brexit updates, economic data, BoE interest rate decision and a Inflation report all of which have the potential to move Sterling exchanges drastically. 

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