Analysis and Recommendations: The GBP/USD eased 20 points to 1.5062 as the US dollar surged today. The Bank of England’s Mark Carney announced that the
The GBP/USD eased 20 points to 1.5062 as the US dollar surged today. The Bank of England’s Mark Carney announced that the interest rate for the country will remain low for some time. The Bank’s economist Haldane announced that the risk balance for the UK economy and inflation is skewed downwards. The pound/dollar has fallen to 1.5054.
George Osborne will announce big cuts in spending for the police, social care, local government, further education, renewable energy and welfare as he is forced to finally spell out how he plans to have reduced spending in key government departments cumulatively by nearly 50% since the Conservatives came to power in 2010.
After weeks of media focus on protected Whitehall departments, the chancellor will detail how the cuts will fall across the rest of government departments.
The shadow chancellor, John McDonnell, said Osborne had no more excuses left after five years. Stealing Osborne’s security theme, he added: “The cuts are putting people’s livelihoods at risk.”
Ministers have pledged to cut annual welfare spending by £12bn, and government departments have been asked to find a total of £20bn in savings under plans to achieve a £10bn budget surplus by 2019-2020. The chancellor also hopes to raise £5bn with a crackdown on tax avoidance.
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 |
||
USD |
API Weekly Crude Oil Stock |
2.600M |
-0.200M |
-0.482M |
|
||
JPY |
Monetary Policy Meeting Minutes |
|
|
|
|
||
AUD |
Construction Work Done (QoQ) (Q3) |
-3.6% |
-2.1% |
2.1% |
|||
GBP |
BBA Mortgage Approvals |
45.4 |
45.5K |
44.5K |
|
||
AUD |
RBA Assist Gov. Debelle Speaks |
|
|
|
Upcoming Economic Events that you should be monitoring:
Wednesday, November 26, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
|
||
|
United States – Thanksgiving Day |
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NZD |
Trade Balance (MoM) (Oct) |
|
-937M |
-1,222M |
|
||
NZD |
Trade Balance (YoY) (Oct) |
|
-3,370M |
-3,200M |
|
||
AUD |
Private New Capital Expenditure |
|
-3.0% |
-4.0% |
|
||
EUR |
GfK German Consumer Climate (Dec) |
|
9.2 |
9.4 |
Government Bond Auctions
Date Time Country
Nov 25 11:03 Sweden Sek 4bn 1% Nov 2026 bond
Nov 25 11:10 Italy Auctions CTZ/BTPei
Nov 25 11:30 Germany Eur 3bn 1.0% Aug 2025 Bund
Nov 25 17:30 US Usd 35bn 2-year FRN
Nov 25 19:00 US Usd 29bn 7-year note
Nov 26 11:03 Sweden Sek 5bn 1% Nov 2026 bond exchange
Nov 27 11:03 Sweden 1.5% Nov 2023 bond exchange, 1% Nov 2026 bond exchange
Nov 27 11:10 Italy Auctions BTPs
Nov 27 N/A Spain Announces details of 03 Dec
Nov 30 11:03 Sweden Holds bond auction
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