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FX: The week ahead

USD: The greenback lost some ground against the troubled euro despite Firday’s risk-off sentiment. All eyes will be on Wednesday’s FOMC meeting for further clues on the performance of the world’s reserve currency.
GBP: The sterling lost some ground against the US dollar in the past week. Considering the double dip recession of the UK economy all eyes will be on Thursday’s release of the UK 3Q GDP, with traders pricing in additional BoE easing.
EUR: The markets continue to factor higher expectations for a Spanish bailout with the fall of the Spanish yields strengthening the single currency further. Should however Spain’s borrowing costs go higher, we could see the Euro break below 1.28.
YEN: The Japanese yen reversed its strength against the greenback after some better than expected US economic data. Key events that could affect the Yen are Wednesday’s FOMC decision and Friday’s US GDP figures.
AUD: Despite expectations for inflation to rise, the Australian Dollar seems to be driven by outside forces. Key developments in the US and China should provide some clarity in this market.
Dafni Serdari
Market Analyst
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