Analysis and Recommendations: The EUR/GBP moved to 0.7046 after the release of UK trade numbers. The pound and the euro remained well matched today with
The EUR/GBP moved to 0.7046 after the release of UK trade numbers. The pound and the euro remained well matched today with both bouncing up and down. The pound strengthened against the euro today after comments from the BoE on Super Thursday. With the economy now recovering strongly and wages finally rising more quickly, speculation is growing about when it might start to wean Britain off low rates, mirroring the debate at the U.S. Federal Reserve.
Carney warned investors not to be too relaxed about the path, or ‘curve’, that they are predicting for rates.
He pointed out that the Bank was forecasting that inflation would start to overshoot its 2 percent target in just over two years’ time, based on predictions in the market for a first BoE rate hike in the second quarter of next year.
The euro weakened after a disappoint data print. German industrial production tanked in June, against expectations. June’s figures showed the worst month-on-month performance for Europe’s largest industrial base since August last year. Production fell 1.4% from May, against the 0.4% rise analysts had expected.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Today’s economic releases:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
AUD |
Home Loans (MoM) (Jun) |
4.4% |
5.0% |
-7.3% |
|||
AUD |
RBA Monetary Policy Statement |
|
|
|
|
||
CHF |
Unemployment Rate n.s.a. (Jul) |
3.1% |
3.1% |
3.1% |
|
||
CHF |
Unemployment Rate (Jul) |
3.3% |
3.3% |
3.3% |
|
||
EUR |
German Industrial Production (MoM) |
-1.4% |
0.3% |
0.2% |
|
||
EUR |
German Trade Balance (Jun) |
24.0B |
21.5B |
19.5B |
|||
JPY |
BoJ Press Conference |
|
|
|
|
||
GBP |
Trade Balance (Jun) |
-9.18B |
-9.30B |
-8.42B |
|
||
GBP |
Trade Balance Non-EU (Jun) |
-1.62b |
-2.40B |
-1.34B |
Upcoming Economic Events that you should be monitoring:
Monday, August 10, 2015
|
Event |
|
|
Previous |
|
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JPY |
Eco Watchers Survey: Current (Jul) |
51 |
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JPY |
Eco Watchers Survey: Outlook (Jul) |
53.5 |
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USD |
Labor Market Conditions Index (Jul) |
0.8 |
|||||||||
NZD |
Electronic Card Retail Sales (MoM) |
0.5% |
|||||||||
NZD |
Electronic Card Retail Sales (YoY) |
5% |
|||||||||
GBP |
BRC Retail Sales Monitor – All (YoY) |
1.8% |
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Government Bond Auctions
Date Time Country
Aug 10 17:30 Italy Announces details of BTP/CCTeu on 13 Aug
Aug 11 11:30 UK Auctions 0.125% 2058 I/L Gilt
Aug 12 11:30 Germany Eur 4bn Aug 2025 Bund
Aug 13 11:10 Italy Auctions BTPs/CCTeus
Aug 19 11:30 Germany Eur 5bn Sep 2017 Schatz
Aug 19 11:03 Sweden Holds bond auction
Aug 20 10:30 Spain Auctions Bonos/Obligaciones
Aug 20 11:30 UK Auctions 4.25% 2036 Gilt
Aug 21 17:30 Italy Announces details of CTZ/BTPei on 26 Aug