Yesterday was a mixed bag of outcomes for the Pound. Against the Euro and the Dollar there was a sell off throughout the day as the numbers started coming in and speeches were made.
However we have seen a nice recovery this morning on the back of the UK GDP data that came in in line with expectations. Quarter on quarter showed the expected 0.8% growth and year on year showed the expected 8.7% growth. This is a good sign for the UK economy. Two consecutive quarters of contraction indicates a recession therefore the doom and gloom being reported looks to be being outweighed at the moment.
The Nationwide also indicated the housing market is still moving positively with both month on month growth and year on year growth. However there are small signs of slowing when comparing to previous months numbers.
Today sees Europe and the US release their employment statistics and overnight we have Japanese and Chinese manufacturing data that is worth keeping an eye on.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
EUR: 10:00 Employment Data
US: 13:30 Initial and Ongoing Jobless Claims
JPN: Friday 00:50 Tankan Large Manufacturing Index
CHN: Friday 02:45 Caixin Manufacturing Index