G20 Toronto Summit came up with a commitment to reduced deficits by 2013. It’s good move for G20 countries if they can keep their commitment and work towards it.
How it will effect currencies? We will find that out when market will open in few hours time.
We are going to analyze GBP/USD based on technical not on G20 commitment.
On Friday, GBP/USD closed above 1.5057 which is just above 61.8% fibo (See chart below). Now, we will be watching this level. If GBP/USD can continue stay above that level then there will be a good chance for this pair to reach 1.53 level by end of next week.
In economic calendar, there are few important releases next week which can move the currency in either direction:
- Nationwide HPI: Publication time unknown at the moment.
- Net Lending to Individuals: Published on Tuesday at 8:30 GMT.
- GfK Consumer Confidence: Published on Tuesday at 23:00 GMT.
- Final GDP: Published on Wednesday at 8:30 GMT.
- Current Account: Published on Wednesday at 8:30 GMT, and overshadowed by the GDP.
- Manufacturing PMI: Published on Thursday at 8:30 GMT.
- BOE Credit Conditions Survey: Published on Thursday at 8:30 GMT, and somewhat overshadowed by the PMI release.
- Construction PMI: Published on Friday at 8:30 GMT.
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