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Pound steady before GDP report

business-articlesPound steady before GDP report
  • UK growth outlook could weaken Sterling
  • Eurozone Finance Ministers set to meet again
  • FOMC minutes have little impact on USD
 
 
Pound braces for fresh UK gross domestic product report
 
The pound advanced against the euro and US dollar over the course of Wednesday and managed to retain its modest gains overnight.  
 
While Boris Johnson remains in intensive care, he is reportedly in a stable condition and good spirits.
 
However, Sterling could come under pressure today following the release of the UK’s NIESR gross domestic product report.
 
With the UK’s lockdown looking set to last for some time to come, the nation’s growth outlook is providing investors with plenty of cause for concern.
 
 
Eurozone Finance Ministers due to meet again
 
The news that a 16 hour emergency conference of Eurozone Finance Ministers had failed to result in agreement put the euro under pressure yesterday.
 
Ministers are scheduled to meet again today to try and decide on EU-wide stimulus measures to support the economy through the coronavirus crisis.
 
However, the conditions attached to nations receiving help from the European Security Mechanism remains a stumbling block.
 
The euro could slide if another day passes without an agreement being reached.
 
 
US dollar unmoved by FOMC meeting minutes
 
The US dollar faltered slightly ahead of the release of minutes from the Federal Open Market Committee’s (FOMC) last gathering.
 
However, the minutes ultimately had little impact. All participants in the meeting viewed the near-term US economic outlook as deteriorating sharply in recent weeks, with profound uncertainty hanging over the nation.
 
Investors will now be focused on the latest US initial jobless claims figure. Another record-breaking spike would add to global recession fears.
 
 
Upcoming Data:
 
Thursday, 9th April 2020
12:30 CAD Unemployment Rate
12:30 USD Initial Jobless Claims
13:00 GBP NIESR Monthly Gross Domestic Product
 
 
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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