- The
Pound Thursday will get volatile around midnight as the UK Chancellor Osborne
makes his autumn statement to the House of Commons on the state of the UK
economy. I suspect he will talk up the economy and thus talk up the Pound, just
like a real estate agent talks up the housing market in the middle of a
recession. The UK is not in recession but you get what I mean I am sure.
-
Expect the Euro and Pound to trade in a very tight range today leading into
both Central Banks interest rate announcements and central bank statements. The
timing of both statements are listed below in the economic calendar including
the UK Chancellor's speech.
- The
Euro Zone GDP number on Wednesday showed the region grew at -0.4% which was
bang in line with expectation and thus the Euro barely budged on the news.
Retail Sales were lower than expected and I am eager to hear from Super Mario
the ECB President to hear what he's going to say this time around about how the
ECB is going to save the Euro Zone in 2014. He talked it up at the start of 2013
and said the Euro Area would come home with a wet sail in the last half of this
year, but the opposite has indeed happened. The ECB is nearly out of bullets
and Draghi will need to fire what he has left sooner or later. If he drops
interest rates again or the market catches onto the fact he is likely going to
drop interest rates to 0% then the Euro will initially fall.
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