No further Quantitative Easing

Worldwide currencies to look out for

• Key data was released this morning covering the UK Consumer Price Index and the various components that make up the main figure, the UK Consumer Price Index annualised rate is expected to show inflation rose to 4.5% in August from 4.4% the previous month. Higher inflation would usually help a currency because it increases the chance of interest rate rises but in the current climate it is not always the case, however a rise will lessen the argument for further Quantitative Easing.
• Along with the CPI, Retail Price Index and UK Good Trade Balance are released at 9.30am.
• US Import Prices are announced today at 1.30pm plus there will be an announcement in the US for the Monthly Budget Statement at which will give a accurate and up to date picture of the US economy scheduled at 7.00pm .

ELSEWHERE

• · Yesterday the Greek deputy finance minister was quoted as saying that they had enough cash to operate for another month, again highlighting the need for much needed bailout funds in order to avoid a default.
• · USD hits a new seven month low vs the euro of 1.3497.
• · Italy warns that they will not pay Greek debt if their borrowing costs are greater than the Greeks.
• · EUR/NOK bounces over 3% from 7.50 to 7.75 against the US dollar
• · In the US Obama’s jobs program is under threat after it is leaked it will be paid for by higher taxes.
• · Euro stabilises briefly and the markets see a slight return to risk appetite following rumours that the Chinese may buy up Italian debt.

IN THE UK

• · Sterling hit a 6 month high against the Euro yesterday following ongoing concerns that Greece will be forced to default on its debt.
• · Yesterday the US dollar hit a two month high against sterling topping out at 1.5793 before retracing some of those gains.
• · UK RICS house show UK house prices fall again.
• · Markets await key UK CPI data released this morning, if the inflation falls this will give the BoE the green light to inject further QE which will weaken sterling, unwinding gains against the euro and causing Cable to fall below 1.57 levels.

                          

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