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
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
Oil - US Crude
Bearish
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
Bearish
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
More View more
Real Time News
  • FTSE 100 IG Client Sentiment: Our data shows traders are now net-short FTSE 100 for the first time since Nov 25, 2020 10:00 GMT when FTSE 100 traded near 6,392.60. A contrarian view of crowd sentiment points to FTSE 100 strength. https://www.dailyfx.com/sentiment https://t.co/LV61uK43tB
  • RT @BreakingNews: Latest White House coronavirus task force report sent to US states includes warning that “the COVID risk to all Americans…
  • Get your Wednesday market update from @DailyFX Chief Strategist @JohnKicklighter👇 https://t.co/wIAIXZP80v
  • Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter https://t.co/uKlaSHhbYa
  • RT @SPGlobalRatings: The European central bank will have no choice but to keep its interest rates lower for longer and extend its asset pur…
  • 🇵🇱 Interest Rate Decision Actual: 0.1% Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-12-02
  • OPEC+ has made headway toward deal according to delegate #OPEC #CrudeOil
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.47% 🇪🇺EUR: 0.21% 🇦🇺AUD: 0.09% 🇯🇵JPY: -0.15% 🇳🇿NZD: -0.24% 🇬🇧GBP: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/stlKvqm0P5
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.91% US 500: -0.03% Wall Street: -0.13% France 40: -0.31% Germany 30: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VhxTvQQyiT
  • Heads Up:🇵🇱 Interest Rate Decision due at 16:00 GMT (15min) Actual: 0.1% Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-12-02
GBPUSD & EURGBP - Supported by Strong UK Economic Growth

GBPUSD & EURGBP - Supported by Strong UK Economic Growth

2018-09-10 09:20:00
Nick Cawley, Strategist
Share:

Sterling (GBP) Talking Points:

  • UK economy grew at a better-than-expected rate in July.
  • Manufacturing and industrial production disappoints.

The DailyFX Q3 GBP Forecast is available to download.

UK Economy Growing Faster-Than-Expected

Monthly GDP grew by 0.3% compared to 0.1% in June, while 3M/3M GDP expanded by a robust 0.6% compared to prior reading of 0.4%. On a year-on-year basis, the UK economy grew by 1.6% compared to expectations of 1.4% and a prior month’s reading of 1.3%.

The latest data also showed that UK manufacturing missed forecast and came in at -0.2% on a monthly basis (expected 0.2%)while industrial product grew by just 0.1%, missing expectations of 0.2% and a prior month’s reading of 0.4%.

Commenting on today’s GDP figures, Rob Kent-Smith, head of GDP noted ‘Growth in the economy picked up in the three months to July. Services grew particularly strongly, with retail sales performing well, boosted by warm weather and the World Cup. The construction sector also bounced back after a weak start to the year.

A mixed-to-positive bag of UK data that should help to reinforce Sterling at current levels ahead of further moves higher. GBPUSD remains in thrall to the strength of the US dollar, and EURGBP may be a better way of capturing Sterling strength against one of the majors.

EURGBP Four Hour Price Chart (July 16 – September 10, 2018)

GBPUSD & EURGBP - Supported by Strong UK Economic Growth

GBPUSD Four Hour Price Chart (July 16 – September 10, 2018)

GBPUSD & EURGBP - Supported by Strong UK Economic Growth

Bank of England on Thursday

Ahead, Tuesday sees the release of the latest UK jobs and wages data - weekly earnings expected to pick-up while the unemployment rate remains at 4% - before the latest monetary policy release from the Bank of England on Thursday. All policy levers are expected to be left unchanged, although Bank of England governor Mark Carney will give his latest thoughts on the state of the economy.

GBPUSD & EURGBP - Supported by Strong UK Economic Growth

GBPUSD Weekly Technical Outlook: Continuing to Press Higher

GBP Fundamental Outlook: Momentum to Drive Sterling Higher

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- Written by Nick Cawley, Analyst

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

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES