Sterling has once again kept to the tradition of 2009 of taking "one step forward and two steps back" as consumer confidence figures released this morning came out worse than expected.
Also, mortgage approvals were worse than expected and both sets of data have led to a drop for Sterling against a basket of major currencies with the only one we are holding steady against being the USD.
Last week the Pound stayed reasonably stable until GDP figures came out and it just seems that a flurry of poor data seems to be creeping back in for the U.K which is poor timing coming into December.
EUROZONE
The week ahead sees Euro Zone data released on Tuesday with unemployment levels coming out and also the key interest rate decision on Thursday - no change in rates is expected however any comments on future economic policies could cause volatility.
USA & CANADA
The big one for the Dollar this week is Non Farm payrolls and general unemployment data on Friday - this data can come out quite a bit differant than predicted so can cause huge volatility.
In Canada we see GDP data released which again may lead to big movements.
AUSTRALIAN DOLLAR AND SWISS FRANC
Australia release their interest rate decision on Tuesday extremely early in the morning - expected is a minor increase - the third in a row which once again could lead to AUD strength so be aware if you have upcoming AUD transactions.
Tuesday morning also sees the Swiss GDP figures released so once again be extremely aware should this come out better than expected.
In short, a very rocky period ahead for Sterling against all major currencies - personally I feel Sterling may lose ground against the vast majority in the coming weeks as other economies are releasing much better data than ourselves - however the markets have been known to surprise us all year so keep checking back for further information!!!
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