The German GDP numbers this morning were slightly stronger than expected. Quarter on quarter was expected to be zero, and actually came in at 0.1% growth. A positive is a positive which staves off the potential for a technical recession for now. It had little effect on EUR rates where the Pound is still relatively dominant although off yesterdays highs.
Today it's all about the US...with a smattering of Euro data in the mix. There's the ECB's monetary policy meeting accounts out first, but that's closely followed by the US's preliminary GDP numbers. Analysts are expecting contraction of -0.8% for Q2. Anything outside of that could cause fluctuations in the Dollar.
However the main US news today is the annual symposium at Jackson Hole. This is where central bankers, economists and academics meet up to discuss global financial matters and can pave the way for a generalised approach to certain topics.
There's not much in the business news today. Centrica (British Gas to most) are making a token offering to help with energy bills for the most in need, but analysts believe this is a drop in ocean compared to what's coming in October.
Today’s Economic Calendar
EUR: 12:30 ECB Monetary Policy Meeting Minutes
US: 13:30 Preliminary GDP Data
US: 13:30 Initial Jobless Claims
US: 15:00 Jackson Hole Symposium
JPN: Friday 00:30 Inflation Data
As ever we look forward to keeping you in the loop and look out for our next update.
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