Market insights

Pound tumbles on poor GDP number - MI130923

The UK's month on month GDP number saw a -0.5% contraction. This was more than twice the expected -0.2% and has caused the Pound to drop sharply versus most major currencies. The larger than expected drop has been attributed to the poor weather in July that dampened spending.

On a slightly longer timeframe the Pound is relatively resilient versus the Euro, but is under fire versus the Dollar.

However that might change later for the Dollar as the US announces its inflation number. Analysts are expecting annualised growth of 3.6% which is an increase from the 3.2% reading made the month before.

The next currency under the spotlight will be the Australian Dollar in the early hours of tomorrow with the Australian unemployment rate being announce. The consensus is for a reading of 3.6%.

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Economic calendar

US: 13:30 Inflation Number

AUS: Thursday 02:30 Unemployment Rate

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