The UK GP data this morning came in ahead of expectations. Analysts had predicted a 0.4% growth however the actual number came in at 0.9%. This caused a quick surge in the GBP/EUR rate but this only brought the rate back into the resistance zone.
Versus the Dollar the rate remains relatively unchanged and is currently tracking sideways.
Of interest is that the Swedish Krona has been in the doldrums recently against both the Pound and the Euro. Following a relative period of strength the Krona has displayed weakness recently.
GBP versus the other majors is a similar story in that the rates are essentially tracking sideways at the moment. Maybe the outcome of the No. 10 party investigation could cause some volatility next week.
Today sees Retail Sales and the Michigan Consumer Sentiment Index numbers from the States. However it's the GDP and Retail numbers out from China in the early hours of Monday that could set the tone for next week.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
US: 13:30 Retail Sales
US: 15:00 Michigan Consumer Sentiment Index
CHN: 02:00 Monday GP Data and Retail Sales
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