The US preliminary GDP came in at 1.1% growth, well below the expected 2%. This caused an immediate wave of volatility in Dollar rates. However things settled down relatively quickly and GBP/USD remains in a sideways pattern.
The Bank of Japan kept their base rate at negative -0.1%. There was some thought they might move it to flat i.e. 0%. As this didn't happen the Pound made great strides versus the Japanese Yen early this morning.
Today's big news is the preliminary GDP number out from the Eurozone. Economists are expecting annualised growth of 1.4% and quarterly growth of 0.2%. That latter figure is close to zero. If it comes in negative there could be a bit of movement in GBP/EUR.
There's also German preliminary inflation numbers out later along with US personal income and spending.
Business news focuses on industrial action. Rail workers are expected to strike on a number of dates in the coming couple of months. Most notable will be the strike on the FA cup final day.
Today’s Economic Calendar
EUR: 10:00 Preliminary GDP Numbers
GER: 13:30 Preliminary Inflation Data
US: 13:30 Personal Income and Spending
As ever we look forward to keeping you in the loop and look out for our next update.
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