EUR/GBP Fundamental Forecast – August 31. 2016

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Published: Aug 30, 2016, 13:23 UTC

The EUR/GBP is completely flat at 0.8538 with both currencies declining against the US dollar with little in the way of news or economics data. German

EUR/GBP Fundamental Forecast – August 31. 2016

The EUR/GBP is completely flat at 0.8538 with both currencies declining against the US dollar with little in the way of news or economics data. German inflation printed a bit lower than expected while traders got side tracked on the EU commission’s decision to force Ireland to claw back over $14billion in taxes from Ireland and Apple.

The U.K. was closed for a summer banking holiday on Monday, so no economic reports were released. The key report this week is U.K. manufacturing PMI for August, which is due out Thursday. However, Prime Minister May also has a cabinet meeting scheduled for Wednesday. In the U.S., dollar strength was boosted on Monday by in-line Personal Income and Spending for July and the PCE Price Index was unchanged. Today in the U.S., Consumer Confidence (consensus 97.0) is on the calendar.

A new lobby group that will push for close co-operation with the EU during the Brexit process will rise this week from the ashes of the anti-Brexit Britain Stronger in Europe campaign. The Sunday Times reported that Open Britain will not push for a second vote but will promote “the positive and patriotic case” for working closely with the EU on issues such as free trade, security, workers’ rights and the environment, while also recognizing the need to curb migration

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August 31, 2016

Country	Event	Volatility	Previous
GBP	Gfk Consumer Confidence	2	-12
JPY	Industrial Production	2	-1.5
JPY	Industrial Production	2	2.3
AUD	HIA New Home Sales	2	8.2
CHF	UBS Consumption Indicator	2	1.34
EUR	Unemployment Rate s.a.	3	6.1
EUR	Unemployment Change	3	-7
EUR	Unemployment	2	11.6
EUR	Unemployment Rate	2	10.1
EUR	Consumer Price Index	3	0.2
EUR	Consumer Price Index – Core	3	0.9
USD	ADP Employment Change	2	179
CAD	Gross Domestic Product Annualized	2	2.4
CAD	Gross Domestic Product	2	-0.6
USD	Chicago Purchasing Managers’ Index	2	55.8
USD	Pending Home Sales	2	1
USD	Pending Home Sales	2	0.2