Analysis and Recommendations: The EUR/GBP continued to decline giving up 22 points to trade at 0.7072 after UK jobs data helped the pound to rally and the
The EUR/GBP continued to decline giving up 22 points to trade at 0.7072 after UK jobs data helped the pound to rally and the euro eased back after early morning gains. BoE Governor Mark Carney signaled on Thursday that he was in no hurry to raise interest rates, and flagged risks to UK growth from external developments.
A number of banks said that, after that message from Carney, they expected unemployment and wage numbers this week to be soft. Others point to broader risks from a complicated picture of high external deficits, booming house prices and poor underlying growth with which the bank has struggled over the past few years.
Britain’s relationship with the European Union is working but the Bank of England will do whatever is needed to adapt should Britons vote to leave the bloc in a referendum, BoE Governor Mark Carney said on Wednesday.
“Our job is to make whatever the British people decide work,” he told Sky News. “And there’s a status quo, we’re making that work and we think it is working, but if things change we will do what’s necessary.”
Britain is due to vote before the end of 2017 on whether to stay in the EU, and Carney attracted criticism last month from anti-EU campaigners after he delivered an upbeat assessment of membership of the bloc.
On Wednesday he said neither he nor the BoE had an institutional view on whether Britain should stay in the EU.
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 |
|||
NZD |
RBNZ Gov Wheeler Speaks |
|
|
|
|
||
USD |
API Weekly Crude Oil Stock |
6.300M |
0.500M |
2.800M |
|
||
AUD |
Westpac Consumer Sentiment |
3.9% |
|
4.2% |
|
||
CNY |
Fixed Asset Investment (YoY) (Oct) |
10.2% |
10.2% |
10.3% |
|
||
CNY |
Industrial Production (YoY) (Oct) |
5.6% |
5.8% |
5.7% |
|
||
GBP |
BoE Gov Carney Speaks |
|
|
|
|
||
GBP |
Average Earnings Index +Bonus (Sep) |
3.0% |
3.2% |
3.0% |
|
||
GBP |
Claimant Count Change (Oct) |
3.3K |
1.5K |
0.5K |
|||
GBP |
Unemployment Rate (Sep) |
5.3% |
5.4% |
5.4% |
|
||
EUR |
ECB President Draghi Speaks |
|
|
|
Upcoming Economic Events that you should be monitoring:
Thursday, November 12, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
NZD |
Business NZ PMI (Oct) |
|
|
55.4 |
|
||
GBP |
RICS House Price Balance (Oct) |
|
45% |
44% |
|
||
AUD |
Unemployment Rate (Oct) |
|
6.2% |
6.2% |
|
||
EUR |
German CPI (MoM) (Oct) |
|
0.0% |
0.0% |
|
||
EUR |
Industrial Production (MoM) (Sep) |
|
-0.1% |
-0.5% |
|
||
USD |
Initial Jobless Claims |
|
270K |
276K |
|
||
USD |
FOMC Member Bullard Speaks |
|
|
|
|
||
USD |
JOLTs Job Openings (Sep) |
|
5.370M |
5.370M |
|
||
USD |
Crude Oil Inventories |
|
0.752M |
2.847M |
|
||
USD |
FOMC Member Dudley Speaks |
|
|
|
|
||
USD |
Federal Budget Balance (Oct) |
|
-130.0B |
91.0B |
Government Bond Auctions
Date Time Country
Nov 11 11:03 Sweden Holds bond auction
Nov 11 11:30 Germany Eur 3bn 0.25% Oct 2020 Bobl
Nov 11 12:15 Norway Holds bond auction
Nov 12 11:10 Italy Auctions BTPs/CCTeus
Nov 12 11:30 UK 4.25% 2039 Gilt auction
Nov 12 19:00 US Holds 30-year bond auction
Nov 18 11:30 Germany New Eur 5bn Dec 2017 Schatz
Nov 18 10:30 UK 2% 2025 Gilt auction
Nov 18 10:30 Portugal Eur 1-1.25bn; bond auction
Nov 18 15:30 Sweden Announces details of Bond on 25 Nov
Nov 18 N/A Holland Announces details of Bond on 24 Nov
Nov 19 09:30 Spain Auctions Bonos/Obligaciones
Nov 19 10:50 France Auctions BTANs
Nov 19 11:50 France Auctions OATi
Nov 19 N/A US Holds 10-year TIPS auction
Nov 20 16:30 Italy Announces details of CTZ/BTPei on 25 Nov