Switzerland world competitiveness currency provider

Worldwide currencies to look out for

• Switzerland is now the world’s most competitiveness currency provider due to the new dramatic moves to devaluate its currency. Switzerland’s exchange rates have maintained the spotlight and has become the number one in the World Economic Forum’s (WEF) rankings after revealing its ruthless ambition by pegging the franc to the euro to boost its economy.  World Economic Forum’s (WEF) rankings also reveal Britain rose two places to 10th while the US, fell to fifth position.
• Key announcement in the UK is the BOE interest rate decision meeting at 12.00 pm today. As the week has progressed more and more people have mentioned the likelihood of further Quantitative Easing. The pound will be hit hard if additional asset purchasing is voted in.

• At 12.45pm the ECB rate announcement is released, no change is expected but analysts are waiting to see if Trichet in his conference afterwards, puts an end to the programme of increasing rates, some are suggesting that even by late 2011 Eurozone rates could start to fall.
• CAD Building Permits and Trade balance figures, US Trade Balance and Unemployment Claims are all out at 1.30pm
• President Obama and Ben Bernanke take to the stage this evening as they eagerly anticipated speech on expecting clues suggested that the US will start their third bout of QE later this month.

ELSEWHERE

• German Industrial output rises far more than expected in July, boosted by a jump in durable goods. Figures showed an increase of 4.0 percent in July, compared with expectations of a 0.5 percent rise.
• The CAD strengthens after the Bank of Canada warned of a worsening global economic picture, but not as dovish about interest rates as traders had expected and keeping their rate steady as 1 percent, as expected
• Canada’s Ivey purchasing managers index rises sharply in August, jumping by 12.2 points to 57.6 in August from 45.4 in July. Expectations were for a rise of 1.4 points.
• The US Fed’s beige Book released last night provided no surprises, the story was generally of weaker activity and uncertainty in the future.
• Australian employment figures were weaker than expected last night and last month’s were revised down.

IN THE UK

• Halifax HPI shows house prices declined by 1.2% last month after expectations of a rise of 0.5% in August.
• UK Manufacturing also slowed at the fastest pace in more than a decade last month, falling to 51.1 in August from 55.4 in July, exceeding forecasts of a more gentle drop to 54.0.
• The Bank of England is now under pressure to introduce further QE to boost the economy. GBPEUR drops to a low of 1.1325. Will sterling loose more ground after the rate decision later this afternoon?
• GBP/USD fell to a one and a half month low to 1.5929.

                          

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