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UK GDP in the Spotlight
Overnight, the UK remained quiet with no high impact economic data released into the market. The GBP continued to lose ground to the SGD, currently trading at 1.714 mark. This could be put down to improving market risk sentiment along with a lack of market influencing headlines. Today, a GDP reading for Q1 is due for release at 2pm (SGT). Figures are expected to fall. This could be bad news for the Pound as the struggle of the UK economy becomes further evident.
Today, RBA Guy Debelle will be speaking in the afternoon on the upcoming policies and general economic outlook. There is some slight expectation that he may follow Governor Lowe’s encouraging tone, but any negativity from Mr Debelle could influence the Aussie dollar. China also has its PMI Non-Manufacturing figures for June, which are expected to return to expansionary territory. A positive figure from China could help push the Australian dollar higher. Currently, AUD/SGD pair is trading at 0.956 level.
Disclaimer: The above comments are only our views and should not be construed as advice. You should act using your own information and judgement. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. Error & omission excepted.