In today’s economic calendar, German IFO which measures businesses confidence in Germany is set to rise for business sentiment and current conditions.
Later on today, we have a mixture of US data releases. The number of people who have filed for unemployment benefits is set to come in at 238k.
US Gross Domestic Product is priced in to rise by 2 percent in the second quarter of 2024 (April – June). Economic growth in the States has been supported by an increase in consumer spending and inventory building, however markets are still pricing in a September interest rate cut.
Pound Sterling has fallen this morning against a number of currencies in the G10 (JPY, CHF, USD & EUR) after a stock market selloff. A decline in investor sentiment has pushed GBPUSD to a two-week low.
GBPEUR has lost most of its gains sustained over the past week; but still remains marginally close to the two-year high it achieved earlier this month.
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GBPJPY is down a significant 5 percent as pressure mounts of the Bank of Japan to reduce interest rates. GBPAUD is up 2% over the course of the last week.