Euro awaits GDP data and ECB report

Today's Highlights

Sterling slipping ahead of BOE report

Euro awaits GDP data and ECB report

FX Market Overview

Well done Rory McIlroy for so many achievements at such a tender age. What's that....Tiger who?

Last week was characterised by a weaker Pound, a stronger US Dollar and a great deal of uncertainty. It continues this week with the British Retail Consortium sales report tonight which is expected to be a little more positive than last month's 0.6% growth. The Bank of England will be interested as they prepare to launch their quarterly inflation report on Wednesday. Many traders and analysts are very keep top see how the bank is viewing the 'growth without substance' fears that many have for the UK economy and what that does to the Bank's interest rate plans. Sterling will gain after the meeting if they are still envisaging an early 2015 interest rate hike but any delating language will weaken Sterling. Traders will then await Friday's release of the 2nd estimate of UK GDP growth. If an annualised 3.1% or better is confirmed, Sterling will take heart and will very likely strengthen as we head into the weekend. Overnight tonight we get to see the Australian business sentiment indices and they are forecast to be rather upbeat. I wonder what that does to the Reserve Bank of Australia's mooted plans to cut interest rates.

Thursday sees the publication of the European Central Bank's monthly bulletin. It is unlikely to create any real waves but stranger things have happened. We get a flow of economic growth data from across the European area this week so; whilst the individual figures probably won't change sentiment, the theme (if there is one) will be important.

The big news of the week for the US comes at the latter part of the week. Producer prices, retail sales and industrial production will assail us along with various business and consumer sentiment indices. Hold on for a bumpy ride.

I will finish with what I thought was a lovely story about the conclusion of a cricket match; a match that was started in 1914; interrupted by bad weather and then by a World War and which was completed over the last weekend; 100 years late. The Last Post was sounded in honour of the players who left for war and never returned when Lee Cricket Club and a team formed from the staff at the Manor House met in Buckinghamshire. Who won? The Manor House invitational XI but that's not really important is it.