First to the data out this morning. UK GDP numbers came in at 1.3% growth quarter on quarter and 6.6% growth year on year. Analysts were expecting 1% and 6.5% respectively.
This has resulted in a quick bounce for the Pound versus the majors such as the Euro, Dollar, Australian Dollar and Canadian Dollar. The key now is to see if the bounce holds or the rates are given back to the market. We will be keeping a close eye on proceedings.
However it does reemphasise the recovery of the UK economy where the UK seems to have weathered the Coronavirus Pandemic better than other nations. Offset against this is rampant inflation and, for some, overwhelming increases to the cost of living.
This story is what's dominating headlines in the UK with the Chancellor, Rishi Sunak, often seen as the hero of the pandemic, is now being scrutinised for not helping lower income families in their time of need.
Today sees mainly US led data as normal with a key Japanese set of numbers out in the early hours of Friday.
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
US: 13:30 Initial Jobless Claims
US: 14:00 FED's John Williams Speech
JPN: Friday 00:50 Tankan Large Manufacturing Index