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Pound boosted by UK GDP data

business-articlesPound boosted by UK GDP data
  • Sterling supported by revised UK GDP
  • Manufacturing PMI could boost US dollar
  • Australian dollar tumbles after rate cut
UK GDP report bolsters pound

The pound received an upswing of support on Monday thanks to upwardly revised Q1 GDP data. UK growth was buoyed by an increase in both household and government spending.

However, data did show that the boost from Brexit stockpiling ahead of the original March deadline faded, as the economy shrank by -0.2% in the second quarter.

This morning we’ve got the UK’s manufacturing PMI. The report could undermine the pound’s recent gains if the manufacturing sector contracts further.
US manufacturing report could boost USD

The US dollar came under pressure yesterday as the Chicago and Dallas manufacturing PMIs printed below expectations in September.

However, USD exchange rates could climb this afternoon if the US ISM manufacturing index shows the improvement forecast by economist.

Economists have predicted that the gauge rose from 49.1 to 50.2 in September, moving away from the 50 mark separating growth from contraction.
RBA rate cut weakens Australian dollar

The Australian dollar tumbled overnight as the RBA cut interest rates for the third time this year, bringing borrowing costs to a fresh record low of 0.75%.

RBA Governor Philip Lowe noted that the bank will continue taking steps to support the domestic economy.
Australia’s commodity index also dipped from 125 to 120.6 in September.
Upcoming Data:
1st October
09:30     GBP Manufacturing PMI (Sep)
10:20     AUD Governor Lowe Speech
15:00     USD ISM Manufacturing PMI Final (Sep)
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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