The EURGBP cross remains on the defensive around 0.8425 during the early European session on Thursday, trading with mild losses after the monthly UK Gross Domestic Product data. The UK economy grew more than expected in May after stagnating in April, with the GDP expanding at 0.4% MoM. This figure beat market expectations of 0.2% … Read more
By Naeem Aslam European and US futures are trading with extreme caution on Wednesday as traders are reluctant to make any big moves ahead of two important events. Observing the day’s price action reveals a tense atmosphere, because the US CPI report and the Fed’s monetary policy decision, followed by their press conference, are … Read more
The US Dollar is holding steady early Wednesday, as investors gear up for key macroeconomic events that could significantly impact the currency’s valuation. The Bureau of Labor Statistic will release the Consumer Price Index data for May in early U.S. trading. Later in the day, the Federal Reserve will announce monetary policy decisions and publish … Read more
GBPUSD is hovering around 1.2560 in Asian trading on Tuesday following the improved risk appetite. The UK economy expanded by 0.6% in Q1, surpassing expectations and signaling the end of the country’s brief recession. Fed officials emphasize the importance of maintaining higher rates due to elevated inflation. US consumers foresee a widespread acceleration in inflation over the next year. Investors are closely watching the Producer Price Index (PPI) on Tuesday.
The UK economy has emerged out of recession with a marginal GDP growth of 0.6%, which is better than the forecast of 0.4%. Governor Andrew Bailey stated that rates are likely to come down rapidly. Traders should feel confident about riskier assets, but should be cautious as the UK economy’s fundamentals are still weak. The FTSE 100 is likely to experience a pullback, but as long as it trades above key levels, there may be more improvements in price action.
The pound eased after data confirmed the UK economy entered recession in the second half of last year.
Fact: British satisfaction with the state-owned National Health Service (NHS) dropped to a record low for 2023, with only 24% of people being satisfied with the service.
– Euro-Sterling was trading below the mid-0.8500s during early European trading on Tuesday.
– The EURGBP cross was trading around 0.8540, gaining 0.16% on the day.
– The UK ILO Unemployment Rate increased to 3.9% in the three months to February from 3.8%.
– The number of people claiming jobless benefits in the UK rose by 16,800 in February.
– The UK Employment Change was -21,000 in January.
– The German Consumer Price Index (CPI) for February was 0.4% MoM and 2.5% YoY.
– The German Harmonized Index of Consumer Prices (HICP) for February was 0.6% MoM and 2.7% YoY.
– Upcoming data releases include the UK monthly GDP, Industrial Production, Manufacturing Production, and Trade Balance for January.