Last week ended on a weaker note for Sterling, following weak PMI data and weak retail sales numbers. This led to lower exchange rates againstboth the Euro and the Dollar. This week is the last week of the month going into the Holiday weekend in the U.S, so we do expect some profit taking going into the weekend, but before that, we do have some releases of interest, there are no high priority releases for the UK so we could have a pretty stable week for Sterling exchange rates.
Monday is a relatively uneventful day so we begin with Tuesday were we have U.S. consumer confidence, which is expected to rise to 111.60, and more importantly we have the FOMC minutes later in the evening round 7pm GMT. This release is important as markets are waiting to hear if the Fed is looking to do one more interest ratecut before the New Year- so far there is no real consensus after Fed Chair Powell stated that the economy isn’t showing any urgency, which is generally a good thing, so potentially the minutes may give us some guidance as to what we can expect in December from the Fed.
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