Finally some hope for the UK economy. At breakfast there were 3 key pieces of information released. Firstly the monthly GDP came in at 0.5% growth whilst economists predicted contraction of -0.1%. Industrial and Manufacturing numbers came in ahead of expectation and the trade balance was also better than predicted.
This hasn't fully translated into Pound rates yet. Both GBP/EUR and GBP/USD remain relatively sideways. There was an initial burst of volatility, but it passed quickly.
Business news centres on the difficulties being felt due to the bad weather where flights have been cancelled and travel has been disrupted. The forecast is for this weather to continue for the week.
Today is relatively quiet for scheduled news other than a speech by the Bank of Canadas Governor, Tiff Macklem. Tomorrow at breakfast could be the next catalyst for the Pound when employment numbers are reported. Analysts are expecting the employment rate to remain at 3.6%.
Today’s Economic Calendar
CAN: 20:25 Bank of Canadas Tiff Macklem Speech
UK: Tuesday 07:00 Employment Numbers
As ever we look forward to keeping you in the loop and look out for our next update.
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