Sterling strengthened from a 7 week low against the US dollar last week as risk appetite improved on Friday. Sterling held its ground against the euro as well. The big event of the coming week is set to be the Chancellor’s autumn statement, released tomorrow. We are likely to see George Osborne reaffirm the government’s commitment to cutting the deficit, but the main focus is expected to be a reduction in growth forecasts for next year. The EU crisis is expected to have a knock on effect and see the UK skirting recession next year – all of which could have an impact on sterling. Other key data released this week includes UK manufacturing, mortgage lending and consumer confidence. Call in now for a live exchange rate.

In the euro zone, the main news of last week was Germany’s ‘failed’ bond auction in which they failed to sell the full allocation of bonds on offer. We have November’s EU summit this week and with the lack of progress made in the last month over a credible plan to solve the crisis, there will be a lot to talk about. German and French leaders have come under particular pressure and any failure to address market concerns over the situation will heighten market tensions. Ensure you speak to one of the team to avoid losing out.

In the USA, the US dollar continues to maintain its position as the only real safe haven currency and as such is particularly strong at the moment. Last week’s ‘Black Friday’ showed reportedly much higher sales than in the previous year and as a result, investors feel good about retail sales in the country and the prospects for recovery. Later this week we have figures on payroll and manufacturing which could sink any optimism so call in now for a live exchange rate.

Elsewhere, the Swiss franc benefited on Friday on rumours that the Swiss National Bank would increase the currency peg floor to €1.25 against the euro. However, the SNB is likely to wait for any developments from the EU summit before making any decisions. Call in now for a live price.

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