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FX Headlines: Euro-Zone Consumer Confidence Caps Off Busy Week

FX Headlines: Euro-Zone Consumer Confidence Caps Off Busy Week

Christopher Vecchio, CFA, Senior Strategist

Talking Points

- 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.

To keep up with the European data and news as the week goes forward, be sure to sign up for my distribution list.

EURO-ZONE ECONOMIC CALENDAR

FX_Headlines_Euro-Zone_Consumer_Confidence_Caps_Off_Busy_Week_body_Picture_1.png, FX Headlines: Euro-Zone Consumer Confidence Caps Off Busy Week

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.

Read more: Euro Lifted by Best ZEW Surveys Since 2009; Pound Struggles after CPI

UK ECONOMIC CALENDAR

FX_Headlines_Euro-Zone_Consumer_Confidence_Caps_Off_Busy_Week_body_x0000_i1028.png, FX Headlines: Euro-Zone Consumer Confidence Caps Off Busy Week

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).

Read more: GBP/USD Rallies to Fresh Highs as BoE Votes 9-0 against More QE

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

Read more: Gold Posts Largest Drop Since June Ahead of Fed – Bearish Below $1373

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--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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