Sterling prices have started to fight back this week against the single currency. UK Unemployment has shown a huge fall in the levels of people out of work in the UK and with unemployment levels being linked to interest rate changes in the UK it pushed the value of the Pound up in trading today. Tomorrow we see UK Retail figures and on Friday GDP figures. Both of these are also expected to show an improvement meaning euro buyers may see a benefit in waiting to buy until the end of the year.
We also have a large potential event this afternoon when the FED meet and will give the market the latest on their QE tapering program. There is a potential for them to start cutting the amount of investment made into the US economy which would have a profound impact on a basket of currencies. I personally don’t expect them to cut but they could give the market clarity on when they will. As a result I expect this news to ripple the currency markets for a few days creating opportunities for the quick moving.
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