Will the data this week lead to a better performance for the Pound? Much depends on GDP figures due on Thursday (Daniel Wright)

GBP EUR Exchange Rate: The Week Ahead August 15th

The U.K has seen some fairly good data releases over the past week or so however the Pound has struggled to gain any major ground against the majority of currencies asides from the continuing charge against the South African Rand which is still taking quite a battering.

For those with an interest in Canadian Dollars it is the Canadian interest rate decision this afternoon so be aware we may see some volatility there is any surprises are thrown up.

Tonight we have some inflation data for Australia (Australian data has not been great of late) and then we lead on to tomorrow which has the potential to be a market mover for the Euro, Dollar, Canadian Dollar and New Zealand Dollar.

Head of the European Central Bank Mario Draghi is off to Germany which may throw up a few comments and i’m sure investors will be hanging off every word. The Bank of Canada will release their monetary policy report which again has the potential to lead to a shift for the Canadian Dollar depending on what is detailed in it.

Tomorrow evening the Federal Reserve are expected to input QE3 at their interest rate decision however this is widely expected so I would not expect to see huge movements for the Dollar unless they decide to come up with any new fiscal policies.

The Reserve Bank of New Zealand interest rate decision and monetary policy statement happens tomorrow night so if you have an interest in NZD then make sure you have protection in place for vast movements overnight – No change in rates is expected but then and again most analysts didn’t expect Australia to cut rates last time around!

The main talking point this week for Sterling followers in my mind will be Gross Domestic Product (GDP) figures released  on Thursday morning at 09:30am expectations are for 0.6% growth for the U.K economy which would lead to us technically being out of a recession (at last) and should hopefully provide a minor boost to Sterling. Of course there is a chance this may be worse than expected and this may dent Sterling fairly heavily but personally I get a good feeling about the release this time around.

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