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Posted June 17th, 2013 by Charles Purdy

Will UK data releases support sterling this week? | Smart Daily Currency Note

GBP/EUR – 1.1777

UK economic data last week was limited and the main influence on global currency markets was the on-going discussion on whether or not the US would continue their programme of quantitative easing. A bit more light should be shed on this as we have the Federal Reserve meeting mid-week followed by their announcement of the meetings outcome. Here in the UK we have a range of different releases. Inflation for May is expected to come in slightly ahead of the previous month at 2.6% and retail sales figures for May are expected to have recovered from the fall of 1.3% in April. We also have the release of the minutes of the last meeting for the Bank of England monetary policy committee on Wednesday. Expectations are for no changes in the voting patterns from the last few minutes so anything different would have an immediate effect on sterling. So after a steady week last week we could see sterling moving quickly as the data releases move it one way or the other. Please call your trader for an update.

News from the Eurozone has been limited for the last few weeks. Probably helpful so that the powers that be can go about sorting out the mess of high unemployment and high debt, government and banking. The key data for release this week are the various purchase manager indices for manufacturing, construction and services. The expectation is for them to still be showing a contracting Eurozone economy albeit improved from the previous month. Recovery is going to continue to be slow. Call in now for the latest rates

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