Already released this morning, Pound Sterling has climbed against the other currencies in the G10 following Gross Domestic Product figures released by the Office for National Statistics.
GDP increased 0.6 percent over the second quarter mitigating the risk of a recession – this is the second consecutive quarter of economic growth.
Manufacturing and industrial output both released above the market consensus and has highlighted a chain of positive economic reports from the UK, following the softer-than-expected CPI inflation print and fall in the unemployment rate earlier this week. Tomorrow investors will keep a close eye on retail sales data for July.
In the States, unemployment claims is expected to gradually rise to 235k. Later on today we have US retail sales, industrial production and import prices.
GBPUSD has been on an upward trajectory over the last few weeks, GBPUSD is currently trading at a 17-day high.
US inflation slowed to 2.9 percent in July, traders have reduced their bets of a Fed interest rate cut. Markets are pricing in a 55/45 chance that the Federal Reserve will reduce interest rates by 25-basis points.
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