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Wednesday will be a pivotal day for GBP

Wednesday will be a pivotal day for GBP

This week is another busy one as far as economic releases are concerned, with the pick of the bunch being Wednesday’s release of the BOE’s MPC minutes. The mere rumour that a third person had joined the call for a rate hike had Sterling appreciating against a basket of global currencies at the tail end of last week. If it turns out to be the case this could provide the impetus for Sterling to strengthen further, so it is definitely worth marking 9.30 GMT on Wednesday in the diary. data and stronger high street sales have helped reduce fears of a double dip recession. This may provide the MPC with a little breathing space to begin to raise rates, which has in part been delayed by concerns that if it raises rates too soon it may have to subsequently reduce them, if it turns out the economy is too weak to cope.

Across in Europe and the much respected German business climate index released at 9am GMT showed a better than expected business sentiment reading. The report measures the sentiment of the current and near future business optimism in the country and is a closely watched indicator of the current state of the euro zone largest economy. In early morning trading this did little to bolster the euro with sterling/euro trading at 1.1843. It also worth noting at 2.30pm the ECB announces its bond purchases on rumours it has been buying Portuguese debt again, as it attempts to avoid being the third euro zone country to be bailed out.

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