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EUR/GBP Fundamental Forecast – August 23. 2016

By:
Barry Norman
Published: Aug 22, 2016, 11:33 UTC

The EUR/GBP dipped 33 points as the euro eased today and the pound recovered helping the currency to trade at 0.8628. Sterling inched up on Monday after

EUR/GBP Fundamental Forecast – August 23. 2016

The EUR/GBP dipped 33 points as the euro eased today and the pound recovered helping the currency to trade at 0.8628. Sterling inched up on Monday after registering its strongest week in five against the dollar, as a run of robust economic data suggested Britain’s economy was faring better than expected following its vote to leave the European Union.

The pound was boosted last week after inflation and retail sales numbers for July beat forecasts, adding to signs there has been little immediate impact on consumer from the Brexit vote. Better-than-expected jobless claims data also lifted sterling.

A government spokeswoman said Prime Minister Theresa May would not invoke Article 50 of the EU’s Lisbon Treaty, which formally begins divorce proceedings, before the end of this year. “We don’t recognize this briefing,” a Downing Street spokeswoman said when asked about the report.

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Upcoming Economic Events that you should be monitoring:

August 23, 2016

Country Name Volatility Previous
GBP Inflation Report Hearings 3
USD Durable Goods Orders CORE 2 -0.5
USD Durable Goods Orders 2 -4
USD New Home Sales (MoM) 2 0.592
USD New Home Sales Change (MoM) 2 3.5

Government Bond Auctions

Date Time Country Auction

Aug 24 10:03 Sweden Holds bond auction

Aug 24 10:30 Germany Eur 4bn 0% Oct 2021 Bobl

Aug 24 18:00 US Holds 2yr FRN auction & 5yr note auction

Aug 25 18:00 US Holds 7yr note auction

Aug 26 10:10 Italy Holds zero coupon

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