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Why September is a Key month for the Euro!
September promises to be a very busy month with a number of important decisions due on the Euro. For the time being the boat may have sailed on the better Euro rates of the last few weeks, but this could easily change.
Following the Jackson Hole Summit the case for further QE in the US remains, but it is unlikely we will see any too soon. The global economy continues to be pulled from pillar to post with no real clear direction or trend being established.
And the Aussie, Kiwi, Rand and Canadian Dollar continue to suffer presenting some excellent buying opportunities.
Next week a few things to lookout for are:
Purchasing Managers Index Surveys. These surveys reflect business sentiment and provide an early indication on how an economy is performing. These are likely to affect the short term movements on a wide range of currencies. On Monday we have PMI for China which could affect the commodity based currencies AUD, NZD, CAD and ZAR. We also have PMI from across the Eurozone, all in all plenty to start the week off!
On Tuesday there is UK PMI for Construction, plus Swiss GDP data. In the afternoon we have a range of US PMI data, which will provide further indication as to US QE decisions.
Early Wednesday we have Australian GDP data, thenthe Bank of Canada Interest Rate decision (plus more UK PMI, for the Services sector).
And Thursday the Australian Interest Rate decision, the Bank of England Interest Rate decision as well as the European Central Bank decision.
And if you haven’t seen your movement by then on Friday there is various Manufacturing and Industrial Production data for the UK, plus US Unemployment data in the US. There is also a preliminary UK GDP estimate Friday too.
GBPEUR Focus September could be MAKE or BREAK for the Euro
Last week saw further losses on GBPEUR as the edge of the excellent levels passed. PMI Surveys this week could well shape the short term movements although the key events to beware of are as follows:
This Thursday – ECB Rate Decision and Press Conference. Will Mario and co finally shed some light on their plans to ‘save’ the Euro? August saw a wave of calm sweep over the Euro, is it misplaced?
September 12th – Dutch Elections and German Court Ruling on legality of use of taxpayer funds for bailout funds.
The IMF (International Monetary Fund), ECB and EU Council will also be visiting Greece and Cyprus to discuss ways forward.
The outcome of these meetings and events could well shape the trend on the Euro and this will affect attitudes to risk on other currencies. To be kept up to speed on the latest developments on your rate please speak to me Jonathan on [email protected] or call 01494 787 478.
GBPEUR is currently at a one month low although I am sure this week we will see it break out of the ranges it seemed trapped in last week.
Don’t get caught out! Rates can move quickly for a variety of reasons. Our specialist service is designed to make you aware of everything important surrounding your trades so you do not miss out.
To be kept up to date with everything affecting your rate please contact me Jonathan on 01494 787 478 or email [email protected]
This site has helped thousands of people save thousands of pounds and we would be very pleased to hear from and help anyone who has not yet got in touch.
2012-08-31 11:49:25
Source: http://www.poundsterlingforecast.com/2012/08/31/why-september-is-a-key-month-for-the-euro/
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