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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
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
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Sterling Extends Loss after NIERS Says UK GDP Grew 0.1% in Feb Quarter

Sterling Extends Loss after NIERS Says UK GDP Grew 0.1% in Feb Quarter

2012-03-09 16:43:00
Trang Nguyen,
Share:

THE TAKEAWAY: UK Gross Domestic Product to Expand at Lower Pace> Speculation on Further Quantitative Easing in May was Dampened > the Sterling Extends Loss

The report issued by National Institute of Economic and Social Research (NIESR) today showed that U.K. economy might expand in three months ending in February, dampening speculation on further quantitative easing in May. U.K. Gross Domestic Product was forecasted to grow by 0.1 percent in the quarter through February, after consecutively contracting 0.2 percent in the quarter through January and in the quarter through December. Though the recession is reported to be over, period of depression is “likely to continue for some time”. The research organization also projected that “the UK’s economic recovery to take hold in 2013” and the output is “unlikely to pass its peak in early 2008 until 2014”.

NIESR Gross Domestic Product Estimate, Monthly Change: June 2010 to Present

030912_GBP_NIESR_Gross_Domestic_Product_February_body_Picture_1.png, Sterling Extends Loss after NIERS Says UK GDP Grew 0.1% in Feb Quarter

Prepared by Trang Nguyen

The NIESR employs statistical projection techniques, thus its estimates are very close to those for official GDPnumbers. The independent research organization is predicting that U.K. economy resumed growth in the quarter ending in February as gains in industry and construction outputs far more offset declines in agriculture products. Industry output probably increased 1.3 percent while construction output might edge up 0.2 percent. In contrast, agriculture production was estimated to drop 2.5 percent to the lowest level in nine months. Besides, output in private sector is estimated to rise 0.4 percent while output in public services might fall 0.2 percent.

The latest official figure showed that GDP in United Kingdom shrank 0.2 percent in the last three month of 2011. The fourth quarter decline prompted the BOE policy makers to inject a further 50 billion pounds into the economy in February to stimulate growth. At its monthly policy meeting yesterday, the Bank of England held target rates steady at 0.5 percent and keeps its level of asset purchases at 325 billion pounds amid signs the economy avoided another recession. It is evident that the better near-term growth outlook and downward pressure from economic slack will reduce bet on further quantitative easing in May.

GBP/USD 1-minute Chart: March 9, 2012

030912_GBP_NIESR_Gross_Domestic_Product_February_body_Picture_4.png, Sterling Extends Loss after NIERS Says UK GDP Grew 0.1% in Feb Quarter

Charts created using Strategy Trader– Prepared by Trang Nguyen

British pound lose its footing against U.S. dollar and higher-yielding currencies in North American morning trade today after the Greece pushed through the biggest sovereign restructuring in history, dampening demand for assets linked to European growth. In the minutes after the NIESR Gross Domestic Product report, the sterling extends loss versus the greenback. As can be seen from the 1-minute GBPUSD chart above, the currency pair fell nearly 20 pips from 1.5703 to 1.5753. At the time this report was written, the sterling traded at $1.5678.

--- Written by Trang Nguyen, DailyFX Research Team for DailyFX.com

To contact Trang, email tnguyen@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.