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EUR/GBP Weekly Fundamental Analysis- November 30 – December 4, 2015 – Forecast

By:
Barry Norman
Published: Nov 28, 2015, 10:30 UTC

Weekly Analysis and Recommendations The EUR/GBP closed at 0.7046 slightly up for the week as both currencies traded in the red. Economists had been

EUR/GBP Weekly Fundamental Analysis- November 30 – December 4, 2015 – Forecast

eurgbp weekly bns
Weekly Analysis and Recommendations

The EUR/GBP closed at 0.7046 slightly up for the week as both currencies traded in the red. Economists had been expecting the Chancellor’s speech to confirm widespread and extended austerity measures, but the main headline grabber proved to be a complete scrapping of his controversial £4.4bn tax credit cuts, announced earlier this parliament. The Chancellor’s public finance predictions also pleased the market – Osborne used today’s statement to announce forecasts that the domestic deficit will stand at 3.9% of the UK’s GDP this year, before falling to 1.2% and 0.2% in 2016/17 and 2017/18 respectively. Surpluses of 0.5% and 0.6% are anticipated in the next two financial years.

Sterling fell on Friday, heading back towards a seven-month low against its crosses, after data confirmed the British economy was being buffeted by a global slowdown and which is likely to prompt the central bank to keep rates lower for longer.  The economy grew 0.5 per cent in the third quarter, confirming a preliminary reading, and slowing from 0.7 per cent growth between April and June. The figure was in line with forecasts, with growth dragged down by net trade.

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 recent analysis and information in our weekly reports and we provide daily updates and outlooks.

eurgbp

Major Economic Events for the week:

 

 

 

 

Event

 

 

Consensus

Previous

   

 

TUESDAY, DEC 01

 

 

 

 

JPY

Bank of Japan Governor Kuroda

 

         

 

 

 

AUD

RBA Interest Rate Decision

 

 

2%

2%

   

 

 

 

AUD

RBA Rate Statement 

 

         

 

 

 

EUR

Unemployment Change (Nov)

 

 

-5K

-5K

   

 

 

 

EUR

Unemployment Rate s.a. (Nov)

 

 

6.4%

6.4%

   

WEDNESDAY, DEC 02

 

 

 

 

AUD

RBA’s Governor Glenn Stevens

 

         

 

 

 

EUR

Consumer Price Index – Core

 

 

1.1%

1.1%

   

 

 

 

EUR

Consumer Price Index (YoY) (Nov)

 

 

0.2%

0.1%

   

 

 

 

EUR

Producer Price Index (MoM)

 

 

-0.4%

-0.3%

   

 

 

 

EUR

Producer Price Index (YoY) (Nov)

 

 

-3.2%

-3.1%

   

 

 

 

CAD

BoC Interest Rate Decision

 

   

0.5%

   

 

 

 

CAD

BOC Rate Statement 

 

         

THURSDAY, DEC 03

 

 

 

 

EUR

ECB Interest Rate Decision (Dec 3)

 

 

0.05%

0.05%

   

 

 

 

EUR

ECB press conference 

 

         

 

 

 

USD

Fed’s Yellen testifies 

 

         

FRIDAY, DEC 04

 

 

 

 

USD

Unemployment Rate (Nov)

 

 

5%

5%

   

 

 

 

USD

Nonfarm Payrolls (Nov)

 

 

200K

271K

   

 

 

 

CAD

Net Change in Employment (Nov)

 

 

0.7K

44.4K

   

 

 

 

CAD

Unemployment Rate (Nov)

 

 

7%

7%

   
                                     

Upcoming Government Bond Auctions

Date Time Country 

Dec 01 11:30 UK 1.5% 2021 Gilt auction

Dec 02 16:30 Sweden Announces details of Bond on 11 Dec

Dec 03 10:30 Spain Auctions

Dec 03 10:50 France Auctions OATs

Dec 03 11:03 Sweden Holds I/L bond auction

Dec 04 11:03 Sweden Holds I/L bond auction

 

 

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