Yesterday, GBPUSD saw some good two-way price movement, swaying between 1.3800 and 1.3900, though settled back in closer to 1.3850 to finish the day. GBPEUR continues to hold it’s ground above the 1.1800 handle, and EURUSD is battling to stay above 1.1700.
This morning saw the release of UK GDP data at 7am in which preliminary month on month GDP grew by 1%, beating forecasts by 0.2% which is a positive move in the right direction as the UK gets back on track. YoY GDP also surprised by 0.1% growth, though manufacturing output underperformed, coming in 0.2% under expectations. The data has done enough to underpin the pound but stopped short of pressuring the EUR or USD. EUR-USD opened the day in the mid-1.1700s as US CPI data came in at the forecasted level of 0.5%, taking some pressure off of the Fed to taper their spending.
CPI throughout Europe will be released over the coming days, and all eyes will be on European GDP early next week, EUR traders will be hoping to see strong figures to combat the downwards trend against both the USD and GBP.
Have a great day.
Thomas Read, Senior Relationship Manager.
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