Currency Outlook for Thursday

09/04/2008 12:00 am EST

Focus: FOREX

John Jagerson

Co-Founder and Contributor,

Today is going to be dominated by the interest rate announcements from the Bank of England (BOE) and the European Central Bank (ECB). The consensus estimate is that both of these central banks are going to leave interest rates unchanged at 5% and 4.25%, respectively.

However, everyone will be watching for dovish statements from either institution. If either the BOE or the ECB come out with dovish statements, we expect to see the British pound (GBP) and/or the euro (EUR) lose value.

Of course, we can't overlook the ADP Employment Change announcement coming from the US tomorrow. US dollar (USD) bulls are looking for reassurance that the USD is going to keep climbing higher. We'll see if they get it tomorrow.

Here are the economic announcements you need to keep a close eye on today:

  • GBP Interest Rate Announcement
  • EUR Interest Rate Announcement
  • USD ADP Employment Change
  • USD ISM Non-Manufacturing Index

To see other upcoming announcements, check out the Econoday calendar.

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