Sterling supported as key data looms

Hi everyone,


It was a rather 'quiet' week on the market last week, as traders and investors took the time to work out what the Pound's value is without the expected interest rate hike in the UK. This week we are expecting something a little more exciting with a flurry of data due out from the majors.


Apart from daily speeches from central bankers this week, we have important economic data that will likely cause volatility on release. First up is tomorrow's UK employment figures which could be next month's main event after the ending of the furlough scheme. This month though, the expectation is for the unemployment rate to fall again slightly. Shortly after is the EU's GDP figure for Q3 which should show a strong result.


Wednesdays inflation numbers from the UK & EU are likely to be the most eagerly anticipated releases for the week. Any uplift from the UK side in particular, could see the £ rise, whilst EU's inflation is expected to remain steady. The problem with the latter is controlling high inflation in some countries (mainly Germany) and low in others. 


From what we can see, the main reason £ has bounced back some is that firstly the 'safe haven' $ was in overbought territory and has since weakened. Then the coronavirus cases in Europe continuing to surge and causing partial lockdowns. The WHO confirmed that Europe was back at the epicenter of the pandemic, after reported cases were at the most seen since the pandemic began. We are expecting a 'bitty' and volatile week ahead for GBP, but so far so good. 



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