Quiet again on the data front this week from the UK – nothing of note being released today. With just the bank stress tests and Mark Carney’s speech before the month’s end.

Bank of England rate hike forecasts send GBP rates higher this morning. Policymaker Silvana Tenreyro suggested that market expectations seemed reasonable – when commenting on two further rate hikes over the next three years. Before adding that future interest rate decisions will likely be dictated by Brexit.

Kicking off December on Friday, UK manufacturing PMI is being released. Forecasts are for the figure to be slightly stronger – 56.5 vs 56.3 last month


GBP/EUR exchange rate slid by around 30 pips on Friday – as demand for the single currency improved on hopes of a new German coalition arrangement. Following news that Germany’s Social Democrats had agreed to enter coalition talks with Angela Merkel’s Christian Democratic Union. Sentiment improved following the development as it was seen to lower the chance of another general election.

On Wednesday the Eurozone begin releasing their inflation figures. Thursday, the final flash inflation figure for Europe is announced. On Friday Europe’s manufacturing PMI is released.


GBP/USD exchange rate struck a seven-week high on Friday. Hits highest level since beginning of October following a couple of downbeat US private sector PMI figures. Manufacturing came in at 53.8, below estimates of 55.0 while service sector growth was 54.7, compared to an expected 55.3.

Along with the UK and Europe, Monday is very quiet for the US. US consumer confidence is being released on Tuesday. Preliminary GDP figures for the US is out on Wednesday. The week ends with Friday’s ISM manufacturing – expected to contract in comparison to the previous month.