GBP and The Week Ahead

The week ahead is packed with significant Eurozone data , and this may keep GBP/EUR volatile during the coming days. The key focus points will be:
13.00 Today – German Consumer Price Data
09:00 Tuesday – German Employment Data
10:00 Tuesday – Eurozone Combined Consumer Price Data
15:00 Tuesday – US Consumer Confidence
02:00 Wednesday – Chinese Manufacturing Data (PMI)
09:00 Wednesday – Eurozone GDP
15:00 Wednesday – US Manufacturing Data (PMI)
12:45 Thursday – ECB Rate and Monetary Policy Decision
13:30 Friday – US Jobs Data (Inc Non Farm)
The results of the Eurozone data will be too late for the ECB to include in their appraisal of the economy and in-turn their monetary policy decisions for this month BUT they will be reflected in the post decision conference and will give the market direction on next month’s meeting. With this series of data, the Euro will be under pressure all week but without any significant UK data it may be difficult for GBP to capitalise.
The Chinese and US data will be significant for the commodity based currencies of Australia and Canada but may impact global risk appetite, which in turn will impact USD versus all other currencies. Positive Chinese data = positive global outlook = USD sell off = weaker USD.