by Damian -
Yesterday saw the Pound push above 1.90 against the Australian Dollar (the highest in 5 years) following overnight Australian unemployment figures. Whilst the pound continues to weaken against the US Dollar it remains attractive amongst most other currencies.
Today in the UK we have the construction figures for October. The previous output figures posted a rise and markets are expecting today’s figures to continue the trend. This would put the sector back on track to provide another positive contribution to overall GDP growth in the latest quarter.
Elsewhere in Europe we have the euro area production figures for October. A drop in the figures of 0.1% is expected! The consensus is looking for a modest rise, although recently published estimates for October industrial production in Germany, France and Italy suggest downside risks.
In the US the November PPI is likely to decline on the month due to lower oil prices. This is followed by the University of Michigan confidence measure for December.
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