FX Headlines: Euro-Zone Consumer Confidence Caps Off Busy Week
- Subdued price action overnight in EURUSD, GBPUSD, and USDCHF.
- Calendar has investors in “wait-and-see” mode: FOMC on Wednesday; German elections on Sunday.
- See noteworthy events on the global FX economic calendar for the week of September 22 to 27, 2013.
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EURO-ZONE ECONOMIC CALENDAR
As economic data has turned higher so too have confidence readings from the Euro-Zone. While business and investor confidence readings have turned higher first, there are signs that consumer confidence is starting to dig itself out of its rut. Considering that the Euro saw a very solid upside surprise in the ZEW surveys released earlier this week, there is scope for further gains should the September Euro-Zone Consumer Confidence reading meet or beat expectations.
UK ECONOMIC CALENDAR
Although it may not be a premier data point, the UK’s Public Finances report for August is worth keeping tabs on – for the future. The report details the amount of money financed to the UK government. A higher value indicates a worsening fiscal condition for the British Government as the public sector is unable to maintain its spending patterns without further financing.
Therefore, as with any economy, budget deficits are unfavorable and viewed as bearish for the British Pound. We don’t expect a major reaction but it will be interesting to see if a new fiscal trend begins to take place (which would alter the fundamental backdrop for the Pound).
SWISS ECONOMIC CALENDAR
There are no data due for the Swiss Franc on Friday, September 20.
See the Swiss Franc economic calendar for the week of September 22 to 27, 2013
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--- Written by Christopher Vecchio, Currency Analyst
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