Last week, we saw some USD-strength after GDP data for Q3 was revised
up. Other than that, it was a relatively light week in terms of
fundamental releases. It will be another light week to wrap up the year.
Let’s see what’s in store for use in the upcoming, shortened week.
Consumer confidence in the US has been rising according to the Conference Board. It returning towards levels before the financial crisis. The Umich survey already shows sentiments back at pre-crisis level. These two indicators underpin a sustainable recovery into 2015 and thus strong possibility of a rate hike between the end of Q1 and mid-2015.Manufacturing data in the UK slid during the middle of the year into Q3. As we wind up the year, it seems like data has stabilized. In the last couple of months data Manufacturing PMI data has picked up. If the reading is indeed in-line with expectation and improves from October’s 53.5 reading, then the GBP should find some resilience against the EUR, and the EUR/GBP should be pressured towards its 2014-lows. However, if the reading falls below 53.5, we can see some more short-term weakness in the pound.
Consumer confidence in the US has been rising according to the Conference Board. It returning towards levels before the financial crisis. The Umich survey already shows sentiments back at pre-crisis level. These two indicators underpin a sustainable recovery into 2015 and thus strong possibility of a rate hike between the end of Q1 and mid-2015.Manufacturing data in the UK slid during the middle of the year into Q3. As we wind up the year, it seems like data has stabilized. In the last couple of months data Manufacturing PMI data has picked up. If the reading is indeed in-line with expectation and improves from October’s 53.5 reading, then the GBP should find some resilience against the EUR, and the EUR/GBP should be pressured towards its 2014-lows. However, if the reading falls below 53.5, we can see some more short-term weakness in the pound.
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