We have an exceedingly busy week ahead in terms of economic data this week, partly due to the fact that a lot of the data from the states that had not been released thanks to the shutdown is all now due to be coming out.
With Sterling remaining fairly range bound against most majors last week, I will take a look at what is due out and how it may have an effect on the cost of any upcoming currency transfers you may have.
If you are looking to send money overseas this week then feel free to email me directly on djw@currencies.co.uk The company I work for has won awards for exchange rates and customer service and for taking the time to get in touch it may sound you £1000s.
Tuesday
Tuesday we see the release of Public Sector Net Borrowing figures for the U.K at 09:30am to start the day off. This release will show the amount of new debt held by the U.K Government.
This release can give the Pound a boost if the figure is showing to get better and may do quite the opposite if debt is getting bigger. Expectation is for the figure to be a little better than last month which could start the Pound off on the right foot tomorrow.
At 13:30pm we have the first of the flood of data from the States this week with Non-Farm payroll data and the unemployment rate. Those of you who are regular readers will be aware that this data can indeed impact all major currencies as it will have an effect on global attitude to risk, so currencies such as the Australian Dollar and New Zealand Dollar may also have a jumpy period shortly after this release.
At the same time Canada steps forward and releases Retail Sales data so anyone with an interest in buying or selling Canadian Dollars may wish to keep a keen eye on exchange rates early Tuesday afternoon.
If you are also watching the Australian Dollar closely then you may wish to be aware that there is a little inflation data out overnight which could change the value of the AUD leading into Wednesday.
Wednesday
It’s the U.K to start off the show once again on Wednesday morning with the Bank of England taking the reins first thing on Wednesday morning at 09:30am along with mortgage approvals data.
The Bank of England minutes are due to come out which will give us a better insight as to what was discussed at their last interest rate decision and how the members voted regarding interest rate cuts and Quantitative Easing. This release can throw up a few surprises however nothing huge is expected from it this time around.
Mortgage approval data is due out at the same time and with the help to buy scheme being bought forward and the property market seemingly getting better and better I would not be surprised to see a positive release here and possible strength for the Pound.
Throughout the afternoon on Wednesday we have more data for the States and the Interest rate decision over in Canada. No change in rates is expected here but be aware that we may have comments made on future fiscal policies which could lead to a volatile afternoon for the CAD.
At 15:00pm We also have Consumer Confidence figures out for Europe with a slight improvement expected, this could give the Euro a good end to the day.
If you are waiting on news for the New Zealand Dollar then Trade Balance figures in New Zealand are out on Wednesday night so be prepared for some market movement overnight for this currency.
We also have the Governor of the RBA over in Australia speaking at 04:00am so the AUD may have shifted quite a bit by the time you sit down to eat your cornflakes if any hint on future interest rates is given.
Thursday
Thursday is a little quieter for market data with some manufacturing data out for Europe early in the morning, manufacturing data out for the States in the afternoon and a little more employment data and new home sales also for the U.S. I would expect Thursday to be a little quieter than the previous two days unless any surprises pop up, however do be aware the Governor of the Bank of England Mark Carney is speaking at 17:45pm so investors will be following his every word and no doubt so will the strength of the Pound.
Friday
Friday the most important release is U.K GDP (Gross Domestic Product) figures. This will show how much the U.K economy grew or shrank in the third quarter of 2013 and expectations are fairly strong.
Personally after looking through our data over the past few months I feel this will come out fairly positive and could give the Pound a good end to what may be a strong week.
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