There is virtually no data of significance out this week so the focus will be on offshore markets for direction. The US Federal Reserve meets and is likely to announce the ongoing winding back of their bond buying program. The ongoing Iraq, Syrian and Ukrainian hotspots will also continue to keep markets on edge and provide some volatility.
Will Scotland gain Independence?
Late this week the residents of Scotland will vote, effectively, on whether to end the 307 year union of Scotland and the rest of the UK. Britain’s most senior politicians including British PM David Cameron, cancelled their planned appearance in Parliament last week to arrive in Scotland and urge voters to reject independence. A second poll last Wednesday suggested the result of this referendum is on edge although it has swung marginally in favour of “no”.
The pound has depreciated more than 6% against the USD since the peak in late July.