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DailyFX European Market Wrap: British Pound Still Rallying, ECB Draghi Holds view

DailyFX European Market Wrap: British Pound Still Rallying, ECB Draghi Holds view

Oliver Morrison, Analyst

The British Pound continued its rally today, despite the news that UK economic growth was lower than expected in the first quarter of 2017. GDP expanded by just 0.3% quarter/quarter, below both the 0.7% recorded in the previous quarter and the 0.4% consensus among analysts polled before the release. On a year/year basis, UK GDP grew by 2.1%, below the expected 2.2% but above the previous 1.9%. However, GBPUSD shrugged off the figures and continues to knock the door of that important 1.30 level.

The Euro has also gained on the Dollar thanks to the latest Euro-Zone inflation readings beating market expectation. But don’t expect ECB President Mario Draghi to alter his view that "underlying inflation pressures continue to remain subdued” any time soon. Political risk remains the key driver of Euro sentiment. We ask: is the French election the done deal that markets currently expect?

Finally, geopolitics tensions over North Korea could mean investors seek shelter in safe haven assets such as gold, which remains hovering around the $1,270 level.

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