Forex Futures for the Week of October 13-17
At the end of last week the dollar gained against most major currencies due to safe heaven demand from investors that are concerned about the wider global economy. The EUR/USD was down 0.59% at 1.2615, USD/CHF was up at 0.9584 and GBP/USD was down 1.6054.
The EUR is under pressure due to concerns that the European economy is floundering and may require fresh stimulus measures from the ECB. The EUR is likely to keep falling while investors are concerned that the ECB will further loosen its monetary policy.
This week investors will be waiting for US data on retail sales and industrial production. Positive data will certainly strengthen the USD. At the same time the UK is due to publish data on employment rates and average earnings. Any sign that the UK economic recovery is on track should strengthen the GBP.