Gentium FX | Daily Report - 21st August 2023 - Volatile Week On The Cards?

GBP: The British Pound has experienced a significant surge in value since August 11th, reaching some of the highest levels recorded this year. This peak occurred last Thursday, driven by a series of positive economic data releases from the UK. Although this week is relatively calm in terms of data releases for the Pound, there will be manufacturing and services PMI figures unveiled on Wednesday that could introduce volatility towards the end of the week. Nevertheless, the Pound's performance might also be influenced by events taking place in other regions.

EUR: On the other hand, the Euro faced challenges last week, as it depreciated against both the Pound and the US Dollar. The Eurozone's second-quarter GDP figures met expectations, preventing the Euro from experiencing further decline. The current week is characterized by a busy schedule of economic data releases for the Eurozone. France and Germany, being major economies, will release crucial PMI figures. Additionally, the European Central Bank's (ECB) monetary policy accounts are set to be published on Thursday.

USD: Meanwhile, the United States has been grappling with ongoing issues related to widespread fires and flooding. Wildfires continue to rage in various parts of the country, while significant floods have affected Death Valley. However, the focus is anticipated to shift this week, as several important data releases are on the horizon. In addition, members of the Federal Reserve (Fed) will be delivering speeches in anticipation of the upcoming Jackson Hole Symposium, scheduled for Thursday. This annual event serves as a platform for central bankers and policy experts to convene and discuss matters related to the economy.

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