Fed Chair to speak today.

UK GDP figures came in better than expected on Friday giving a small boost to the GBP whilst poor CPI figures hurt the EURO. Fed chairman Powell will speak today on US monetary policy moving forward.

GBP (British Pound): The GBP rallied on Friday following on from a positive GDP figure. A year on year figure of 0.6% instead of the predicted 0.4% offered a boost to the GBP against the USD and EUR. This week will be very quiet for the GBP with only a small set of PMI releases taking place throughout the week. The GBP will look to consolidate against the other currencies throughout the week.

EUR (Euro): The EUR faired poorly at the bank end of last week thanks to some disappointing CPI releases from the Eurozone. This caused to EUR to drop against both the GBP and USD.

Looking ahead to this week the EUR has a big day on Wednesday when composite PMI figures for September are released as well as retail sales figures for August.

USD (United States Dollar): The USD continued to hold its strong position last week against both the EUR and GBP. The releases of both GDP and personal expenditures came in as expected showing a recovering economy.

Today we have the manufacturing PMI data for August which shows the business conditions of the US manufacturing sector. After this release Fed chairman Powell will speak on the state of the US economy and monetary policy going forward.

Economic Calendar