If you are having difficulty locating the information you require, we're here to help. Just get in touch and we will do our best to assist you.

Will today’s UK GDP figure buoy Sterling?

business-articlesWill today’s UK GDP figure buoy Sterling?
  • Pound gains likely if GDP surprises

  • Increase in the Eurozone economic sentiment could boost euro

  • Could bullish US inflation see dollar claw back losses?

Pound traders await November’s UK GDP

Yesterday saw the pound fall against both the euro and the US dollar, as the release of the like-for-like retail sales figures showed that UK retailers suffered the worst Christmas in a decade.

This morning will see the release of November’s Gross Domestic Product (GDP) figure, with the forecast suggesting GDP will remain steady at 0.1%.

If GDP remains steady or increases, it could see the pound gain back some of the losses it suffered in yesterday’s session.

Will disappointing Eurozone economic sentiment data weigh down euro?

Further signs of progress being made between the US and China saw the euro able to take advantage of weakness in the dollar.

The release of the Eurozone ZEW economic sentiment today is likely to cause the euro exchange rates to fluctuate.

If economic sentiment improves in the Eurozone it could see EUR regain some of its recent losses.

US inflation to keep the dollar afloat

With the US dollar falling to its lowest level since October on Wednesday, the ‘Greenback’ made advances in the first half of yesterday’s session.

Initial jobless claims fell below forecast although continuing jobless claims did not fall as far as predicted, however, allowing the dollar to claw back some of its losses.  

The US Consumer Price Index is due for release this afternoon, with the forecast suggesting it will remain steady at 2.2%, although if it increases unexpectedly we could also see the dollar make gains on both the pound and euro.

Upcoming Data:

Friday, 11th January 2019
09:30    GBP Gross Domestic Product (Nov)
10:00    EUR ZEW Survey – Economic Sentiment
13:30    USD Consumer Price Index (Dec)

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)

Check our exchange rate

Thanks, we'll be in touch.

Check your inbox - one of our currency experts will be in touch to complete your quote.

If you want see our online exchange rates straight away, simply register online & log in.