Friday September 9, 2005 - 07:43:14 GMT
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CMC Markets - www.cmcmarkets.com
Currencies set for indecisive finish to week as oil and inflation pressure traders.
September 9th - With little news around to provide traders with any direction, currency markets could find themselves in for a quiet end to the week. Resurgent oil prices will without doubt be under scrutiny and a push much higher may serve to weigh on the dollar as concerns over the impact this will have on the trade gap – which is already going to be bulging in the wake of hurricane Katrina – build further. Static wholesale prices from Germany and a surprise fall in French industrial output are once again taking the pressure off the ECB with regard to a rate hike so this could leave the common currency looking a little exposed going forward. Next week sees the release of inflation figures from the UK and these could prove interesting, given that the current rate is sitting at 2.3%. A move past 2.5% will call into question the actions of the MPC and although there’s this notion that in the longer term we’ll see a slowdown, a modest rise next week certainly stands to impact on short sterling prices, likely supporting the Pound further as a result.
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