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
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
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
USD/JPY
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
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
UK 4Q Growth Confirmed as EU President Donald Tusk Hits The Wires

UK 4Q Growth Confirmed as EU President Donald Tusk Hits The Wires

2017-03-31 09:04:00
Nick Cawley, Analyst
Share:

Talking Points

- UK growth of 0.7% in 4Q 2016 shows the economy ending the year in a strong place, but 2017 may see slippage.

- EU President Donald Tusk releases draft Brexit statement.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for next week on the DailyFX Webinar Calendar.

The UK economy ended 2016 in good shape with 4Q growth of 0.7%, in line with expectations. Year-on-year 2016 growth slipped to 1.9% from a prior 2.0% after 3Q growth was downgraded to 0.5% from 0.6%.

Commenting on today’s GDP figures, Head of GDP Darren Morgan wrote:“Growth in the final quarter remained unrevised at 0.7%, with buoyant contributions from the retail and wholesale sectors in the run-up to Christmas. Services dropped slightly in January, with weak performances from hotels and the motor trade. However, the long-term picture is still one of robust growth.”

Sterling was little changed on the release as traders parsed EU President Donald Tusk’s Brexit negotiating draft. Tusk remained firm in his view that the EU should not suffer but his tone was slightly more conciliatory than many had feared. The President said that while it is his duty to minimize the uncertainty and disruption caused by the UK decision to withdraw from the EU for our citizens, businesses and Member States,we owe it to each other to do everything we can to make this divorce as smooth as possible.”

Chart:EURBP 10-Minute Timeframe (March 30 – 31, 2017)

UK 4Q Growth Confirmed as EU President Donald Tusk Hits The Wires

Chart by IG

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

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

DISCLOSURES

News & Analysis at your fingertips.