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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
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
Wall Street
More View more
Real Time News
  • 🇳🇿 Inflation Rate QoQ (Q3) Actual: 0.7% Expected: 0.9% Previous: -0.5%
  • 🇳🇿 Inflation Rate YoY (Q3) Actual: 1.4% Expected: 1.7% Previous: 1.5%
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 22:00 GMT (15min)
  • Heads Up:🇦🇺 Markit Services PMI Flash (OCT) due at 22:00 GMT (15min) Previous: 50.8
  • Heads Up:🇦🇺 Markit Manufacturing PMI Flash (OCT) due at 22:00 GMT (15min) Previous: 55.4
  • Heads Up:🇳🇿 Inflation Rate QoQ (Q3) due at 21:45 GMT (15min) Expected: 0.9% Previous: -0.5%
  • Heads Up:🇳🇿 Inflation Rate YoY (Q3) due at 21:45 GMT (15min) Expected: 1.7% Previous: 1.5%
  • White House Chief of Staff Mark Meadows says Speaker Nancy Pelosi is ready to do a stimulus deal -BBG $SPX $DJI $NDX $USD $XAU
  • Relatively quiet Canadian economic calendar through the end of October will leave CAD-crosses particularly exposed to broader risk trends, especially those in stocks and oil markets. Get your $USDCAD market update from @CVecchioFX here:
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.32% 🇨🇦CAD: 0.05% 🇦🇺AUD: -0.00% 🇯🇵JPY: -0.28% 🇪🇺EUR: -0.34% 🇬🇧GBP: -0.50% View the performance of all markets via
GBP Moves Higher After Better-Than-Expected UK GDP Data

GBP Moves Higher After Better-Than-Expected UK GDP Data

2017-12-22 09:50:00
Nick Cawley, Strategist

Sterling Talking Points

- UK 3Q GDP in line with expectations but Q2 data revised higher, boosting Sterling.

- IMF still downbeat on UK growth prospects ahead due to Brexit worries.

Check out our new Trading Guides: they’re free and have been updated for the fourth quarter of 2017

UK 3Q GDP showed a mixed picture with q/q growth of 0.4% in line with expectations, while the y/y rate of 1.7% beat expectations of 1.5%. The annual rate also saw Q2 growth upwardly revised to 1.9% from a prior 1.5%.

GBP Moves Higher After Better-Than-Expected UK GDP Data

While some economists believe that Brexit has caused a loss of between 0.5% - 1% GDP growth in 2017, IMF chief Christine Lagarde believes that the UK economy will continue to suffer with Brexit capping 2018 UK growth at 1.5%.

"The shape of the new agreement with the EU will affect productivity performance through its implications for trade, investment and migration. The higher are any new barriers to the cross-border flow of services, goods and workers, the more negative the impact would be," Lagarde said.

GBPUSD jumped after the GDP release, although the move was muted due to pre-Christmas market lethargy.

GBPUSD Price Chart One Minute Timeframe (December 22, 2017)

GBP Moves Higher After Better-Than-Expected UK GDP Data

Charts by IG

GBPUSD Client Positioning Data Cast a Bearish Shadow

IG Client Sentiment data show 51.7% of traders are net-long GBPUSD with the ratio of traders long to short at 1.07 to 1. The number of traders net-long is 1.5% lower than yesterday and 7.3% higher from last week, while the number of traders net-short is 5.5% lower than yesterday and 16.0% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bearish contrarian trading bias.

The Traits of Successful Traders and how to find the Number One Mistake Traders Make are just two of the topics covered in ourFree Trading Guides.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1

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