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2 DAYS TO GO…

2 DAYS TO GO…

Its a hugely busy day on the markets today as the week hots up and we look towards data and news coming out towards the end of the week. In the UK, the Scottish Referendum is getting ever closer with only 2 days to go. If you click on the following link, you will see some information CurrencyUK has written about this…

The impact of what may happen is starting to hit home in the UK and there may be a bit of a calm before the storm today.The 3 stooges have pledged to devolve more powers to Scotland if they reject independence and it is clear that politicians and economists are taking the prospect of a break-up very seriously. There is huge disagreement as to how Scotland will fare if it does break free of the union, as basically no one knows. What is clear is that Alex Salmond will use the 18 months of planned negotiations to hammer out the logistics of separation. Much will depend on the value of future revenue from the North Sea. Scotland will have the benefit of being able to offer more bespoke policies but on the downside will face a period of uncertainty and the problems of being a smaller country without a track record.

In Australia, the RBA published the minutes from September’s policy decision. The standout points were that there is likely to be rate stability for the foreseeable future, Australian Dollar remained above estimates of its fundamental value and the Bank is becoming more uneasy about the pace of house price growth.

In the US, there is a feeling that Janet Yellen will continue on the course of stability and will wait for the economy to keep on improving before hiking interest rates. A gradual increase between 2015-2017 is what is expected at the moment.

Lots of important news out of the UK today, with CPI taking centre stage and also PPI coming out. We have the ZEW Survey regarding economic sentiment coming out of the Eurozone, PPI from the US and Bank of Canada Governor Polz is speaking which could be of interest.

 

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