Yesterday the US entered a technical recession. Their preliminary GDP data showed a quarter 2 contraction of -0.9%. This went against analysts expectations of 0.5% growth. The US initial jobless claims were also marginally worse than expected. This has resulted in a continuance of the returning strength to the Pound which made further gains versus the Greenback over the last 24 hours.
Versus the Euro the Pound remains towards the top part of the mid term range. With UK and European news out today that rate could shift a little. First is Germany's GDP data, then the UK's money supply numbers. On the back of that is Eurozone inflation and GDP data so it could be a volatile morning.
Going into the weekend the news returns to US led information with personal spending data and the Michigan consumers sentiment index out mid afternoon.
Business news continues to be dominated by rising costs as McDonalds decides to put between 10p and 20p on most items. Their cheeseburger is going up from 99p to £1.19 which is the first price change in 14 years for that product and gives an indication of the realities most consumers will start facing.
Today’s Economic Calendar
GER: 09:00 Preliminary GDP Data
UK: 09:30 Personal Spending
EUR: 10:00 Preliminary GDP and Inflation Data
US: 13:30 Personal Spending
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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