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
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇺🇸 Fed Williams Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) Actual: 0.4% Expected: 1.2% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders MoM (AUG) Actual: 0.4% Expected: 1.5% Previous: 11.2% https://www.dailyfx.com/economic-calendar#2020-09-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.29%, while traders in EUR/GBP are at opposite extremes with 64.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Pr6fmzDXyZ
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.07% 🇬🇧GBP: -0.07% 🇯🇵JPY: -0.08% 🇨🇭CHF: -0.14% 🇦🇺AUD: -0.22% 🇪🇺EUR: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vRMbDk8nMT
  • Heads Up:🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) due at 12:30 GMT (15min) Expected: 1.2% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-09-25
  • Heads Up:🇺🇸 Durable Goods Orders MoM (AUG) due at 12:30 GMT (15min) Expected: 1.5% Previous: 11.2% https://www.dailyfx.com/economic-calendar#2020-09-25
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/0N5t9QITVe
  • Iranian oil exports rose to nearly 1.5mbpd in September, defying US sanctions, according to Tanker Tracker
  • UK PM Spokesman says UK has had useful exchanges with EU In recent weeks $GBP
Pound Falls Despite UK Economy Meeting Expectations for 0.6% Growth

Pound Falls Despite UK Economy Meeting Expectations for 0.6% Growth

2013-07-25 09:30:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: UK GDP rises 0.6% in Q2 -> GDP expansion may not have been enough to offset recent BoE dovish comments -> Pound falls

Want to trade with proprietary strategies developed by FXCM? Find out how here.

UK gross domestic product grew at the fastest pace in three quarters and met analysts’ mean expectation, but that was not enough to stop a 70 pip selloff in Cable trading.

UK GDP rose 0.6% in the second quarter, as was expected and better than the 0.3% growth reported in the first quarter. GDP was 1.4% higher than Q2 2012, according to the UK Office for National Statistics. UK manufacturing rose 0.4% in Q2, while services rose 0.6%, led by retailing, hotels, and business services.

Despite the recent improvements in UK economic performance, the BoE said in its July meeting that the economy is still weak despite the recovery and slack is expected for some time. Therefore, improved UK economic performance could dissuade the BoE from adding to stimulus in the future.

The Pound sold off as traders may have been looking for a better than expected GDP result, and the Euro also continued its decline, which started after a temporary rise on better than expected IFO German business climate. GBP/USD is currently trading around 1.5300, and a former resistance line around 1.5280 may provide support.

New to Forex? Watch this video

GBPUSDDaily: July 25, 2013

Pound_Falls_Despite_UK_Economy_Meeting_Expectations_for_0.6_Growth_body_gbpusd.png, Pound Falls Despite UK Economy Meeting Expectations for 0.6% Growth

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