“No” campaign is back in lead

•“No” campaign is back in lead

•The latest YouGov survey showed that the pro-unionists campaign moved back into a narrow lead before the Sep. 18 Scottish independence referendum

•The pound rallied following the survey but failed to fill the Monday’s gap

•Next week a number of surveys are expected to be released (most of them on 17th)

•If any of the polls coming out show signs that “Yes” votes gain this could push Cable further down, while “No” vote is likely to see much of the GBP losses recovered

•Less momentous than Scotland’s referendum but equally important

•Sweden’s general elections this Sunday: the recent poor data add to the growing body of evidence that Sweden’s economy is worsening

•Concerns over the present government’s administration and questions whether Riksbank’s unexpected rate cut at their June meeting had any positive impact on the country’s economy

•Recent polls show that neither of the two major blocs will win a majority. Will they have a rise in fringe parties? A weak minority-government could weaken the Nordic currency for a long time

•From New Zealand: BusinessNZ manufacturing PMI increased and REINZ house sales dropped, both for August. No major reaction from Kiwi yet commodity currencies (CAD, AUD, NZD) cautiously on a downtrend amid declining commodity prices

•Today’s action:

•Eurozone: Eurozone’s industrial production for July

•UK: construction output for July

•US: retail sales for August, U of M consumer confidence for September