Forex Weekly Round Up 10 August 2015 – 14 August 2015

The US unemployment rate, which is obtained from a separate survey of US households, held steady at 5.3% in July. Average hourly earnings of private-sector workers rose 5 cents, or 0.2%, last month to $24.99. From a year earlier, wages were up 2.1%, in line with the 2.0% pace during the six-year expansion

Greece and its international creditors sought to put the final touches to a multi-billion euro bailout on Monday to keep the country afloat and meet an important debt repayment to the European Central Bank which is due within days.

Greece’s bailout deal will next be reviewed in October. Greece’s eurozone creditors insisted they will not be discussing bailout relief before this month, with no promises on how soon any easing of Greece’s debt burden might come.

Monetary Policy Committee member David Miles stated that he almost voted yes to raising UK interest rates last week. He stated that there was a reasonable case for starting a gradual rate rise to avoid more rapid and impulsive rise in the future. Ian McCafferty voted for a rate rise but David Miles comment is an indication of the shifting balance. He chose to vote for a hold on rate rise as a result of the economic news that reduced the near term inflation profile such as low oil prices and a weak eurozone economy.

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