Tatiana Dementieva
Sep 13th (GMT)
08:30 GBP - CP Iy/y
Sep 14th (GMT)
08:30 GBP - Сlaimant Сount Сhange
12:30 USD - Соre Retail Sаles
12:30 USD - РРI
12:30 USD - Rеtail Sаles
Sep 15th (GMT)
08:30 GBP - Rеtail Sаles
12:30 USD - Сore СPI
12:30 USD - Unemployment Сlaims
14:00 USD - Philly Fed Manufacturing Index
Sep 16th (GMT)
13:00 USD -TIC Long-Term Purchases
13:55 USD - Prelim UoM Consumer Sentiment
Last week’s UK macroeconomic data showed that the current economic situation in the UK is a disaster. Every single indicator came out worse than expected. Halifax HPI was in the negative zone -1.2 instead of expected +0.5%. Services PMI hit the critical level of 51.1 (a value below 50 testifies to a recession).
At the same time the US data improved a little. ISM Non-Manufacturing PMI reached 53.3 instead of 51.2. The USA’s balance-of-trade deficit shrunk from - $51.6B to -$44.8B (the forecast was -$ 50.6B).
For 4 days in advance of the G7 minfins summit GBPUSD kept testing a strong option barrier (1.5911). The currency pair managed to overcome it only by the end of the week, thus reaching 1.5875. The week started with a downward gap (1.6224 - 1.6155). On Tuesday the price tried to recover but failed and went on declining. The weekly range was 364pts, from 1.6207 down to 1.5843.
This week the UK is expected to publish 3 major reports. The forecast for all of them is negative.
As for the US, the reports are more numerous. The forecasts are not so positive as well but the overall situation in the US seems to be improving.
The closest level of support is 1.5824.
Provided by the Department of Options,
Tatiana Dementieva
