News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Positive Retail sales and PMI releases. GBP/USD may nudge higher ahead of US data releases.Get your $GBP market update from @nickcawley1 here:https://t.co/XJntXbysHN https://t.co/vRE9KHH7aL
  • $USD back down, that 91.40 spot caught a second hit of resistance yday afternoon. $DXY now testing through the 91 handle https://t.co/6afTwowThc https://t.co/HwVTJ3lWZh
  • The US Dollar has slipped lower again today, falling to its lowest point since early Tuesday. After testing 91.40 yesterday for the second time this week, the $DXY headed lower, currently trading back below the 91.00 level. $USD https://t.co/92FMTXo42U
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.41% 🇪🇺EUR: 0.41% 🇬🇧GBP: 0.33% 🇳🇿NZD: 0.22% 🇯🇵JPY: 0.22% 🇨🇦CAD: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6A6MTdrLqz
  • Heads Up:🇷🇺 CBR Press Conference due at 12:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-23
  • ECB said to expect difficult June decision on bond-buying pace, ECB views said to differ on economic optimism and need for caution - ECB sources $EUR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 68.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/coX4Ww1pRP
  • 🇷🇺 Interest Rate Decision Actual: 5% Expected: 4.75% Previous: 4.5% https://www.dailyfx.com/economic-calendar#2021-04-23
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.50% Gold: 0.13% Silver: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DyTN6Z1PLU
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇪🇺EUR: 0.34% 🇬🇧GBP: 0.33% 🇨🇦CAD: 0.18% 🇳🇿NZD: 0.15% 🇯🇵JPY: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JKnNu9wyXr
UK Avoids a Triple-Dip Recession, Pound Rises to a Two-Month High

UK Avoids a Triple-Dip Recession, Pound Rises to a Two-Month High

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK GDP rises by 0.3% in Q1, more than expected -> BoE’s King sees an economic recovery in the long term -> GBP/USD rises to a two month high

The UK has successfully avoided a triple dip recession, as a beat of the mean analyst expectation for GDP growth sent the Pound to a two-month high against the US Dollar.

The UK economy expanded by 0.3% in the first quarter of 2013, beating expectations for 0.1% growth and reversing from the 0.3% Gross Domestic Product decline in Q4. UK GDP rose by 0.6% from Q1 of 2012 according to an initial estimate by the UK Office for National Statistics.

The economic growth was heavily driven by the services industry, which increased by 0.6% over the quarter and contributed nearly half a percentage point to the GDP rise. Production rose by 0.2% over the quarter, contrasting with construction, which fell by 2.5% over Q1. The information provided for the first GDP estimate is about 44% of total data required for an output based estimate.

The UK economy was one quarter away from entering a triple dip recession, following the economic contraction in Q1. The Bank of England recently predicted that growth will be muted in the first half o 2013, but Governor King said a recovery is in sight for the long term. Signs of further improvements in economic growth are Pound positive.

The Pound rallied about 100 points and above 1.5400 following the better than expected GDP release. The pair may next see resistance at 1.5419, by the 38.2% Fibonacci retracement of the decline from the January high to the March low. Support may be provided by a rising trend line currently sitting near 1.5340.

GBPUSD Daily: April 25, 2013

UK_Avoids_a_Triple-Dip_Recession_Pound_Rises_to_a_Two-Month_High_body_gbpusd.png, UK Avoids a Triple-Dip Recession, Pound Rises to a Two-Month High

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES