Last Friday the pound went down following the market’s fall amid the results of Spanish stress tests which elicited the required liquidity of 60 bn euro and weak September CPI Chicago managers (49.7 against 53.0) and CSI Michigan (78.3 against 79.2).
On Saturday, September 29, Chinese PMI grew 47.9 against 47.8 in August.
Today at 12:30 (GMT +3) we are waiting for British manufacturing PMI for September with the expected reading of 49.9 in contrast to 49.5 in August. Net consumer credit for August is forecasted to reach -0.2 bn in July. The US data is also expected to be positive.
At 20:30 (GMT +3) Ben Bernanke will hold his speech. He will probably announce about QE3 extension.
The reverse is possible together with gap close and following growth. Targets: 1.6165, 1.6233.
