Yesterday saw better than expected durable goods orders from the US. This had an immediate positive effect on GBP/USD rates although it was extremely short lived.
At the moment the markets are acting in a contrary manner due to the impact on interest rates. Historically a better than expected reading for data would be good for the currency involved. However that is flipped on its head at the moment as central banks are raising interest rates. Better than expected data could pressure central banks to not raise interest rates which can negatively impact the underlying currency. This is similar to the aftermath of the credit crunch.
Other than that rates have been relatively sideways in movement.
Today sees European consumer confidence first, but the big one follows from the US. After lunch there's the preliminary GDP numbers out from the States. Analysts are expecting an annualised Q1 figure of 2% growth.
The early hours of tomorrow sees the Bank of Japan's interest rate decision where the expectation is for them to keep rates at negative -0.1%.
At breakfast tomorrow the Nationwide in the UK releases its house price movements.
Today’s Economic Calendar
EUR: 10:00 Consumer Confidence
US: 13:30 Preliminary GDP Numbers
JPN: Friday BoJ Interest Rate Decision
UK: Friday Nationwide House Prices
As ever we look forward to keeping you in the loop and look out for our next update.
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