The US preliminary GDP numbers came in a little better than expected yesterday. Analysts had predicted a -0.8% contraction, but the actual number was -0.6%. Not a drastic difference, but enough to keep the dominant Dollar in control versus the Pound where rates remain at a troubling low for the Pound.
The Jackson Hole Symposium continues today and is kicked off later by the FED's Chairman, Jerome Powell. The Symposium continues tomorrow also. We are not expecting it to move rates much, but any policies decided on could have a longer term effect.
It's pretty much all US led data today for anything scheduled. Alongside the Symposium there's personal spending and income out earlier and the Michigan Consumer Sentiment Index out later in the day.
Todays business headlines centre on the gloomy outlook. Royal Mail workers go on strike and it's predicted the average monthly fuel bill will be an unbelievable £300 per month. Just 2 years ago there was a boom in hot tub sales during lockdown. Sounds like they might be being switched off in a hurry.
Short of a global news story it looks like the FX markets could be quiet today as we head into the Bank Holiday weekend. However any news that does come out will be stored up for Tuesday which could give us a volatile start on that day.
Today’s Economic Calendar
US: 13:30 Personal Income and Spending
US: 15:00 FED's Jerome Powell Speech
US: 15:00 Jackson Hole Symposium
US: 15:00 Michigan Consumer Sentiment Index
As ever we look forward to keeping you in the loop and look out for our next update.
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