GBP Up As UK GDP Beats Expectations

GBP Up As UK GDP Beats Expectations


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On Wednesday, the U.S. dollar hovered near a three-week high against the yen, backed by reports that Republican senators were favoring John Taylor to become the next head of the U.S. Federal Reserve when current Fed Chair Janet Yellen's term expires in February 2018. However, President Donald Trump may reappoint Federal Reserve chair Janet Yellen.

On the release front, markets are awaiting Durable Goods Orders due out today.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.13% at 93.890 pips.


The euro was trading flat at $1.1773 vs. the Greenback up 0.10%, with the short-term focus on Thursday's European Central Bank policy meeting. President Mario Draghi is expected to update markets about the future of the ECB’s stimulus program.


The U.S. dollar rose as much as 0.21% vs. the JPY to settle at ¥114.15, above Monday’s highs of ¥114.09. The Greenback lifted by hopes for tax reforms after the Senate approved a budget measure that would allow Republicans to pursue a tax-cut package without Democratic party support.


The UK gross domestic product (GDP) expanded by a seasonally adjusted 0.4% in the three months ended September 30, above forecasts for it to match second-quarter growth of 0.3%. Also, Year-over-year, UK economic growth expanded 1.5% in the third quarter and Manufacturing also managed to return to growth after a weak second quarter, increasing by 1.0%. Immediately following the report, the GBP pound was up 0.30% vs. USD at $1.3175.


Earlier today, Gold prices edged lower to their lowest level in more than 2-weeks, amid expectations that Trump may appoint John Taylor as Federal Reserve chairperson. Taylor is seen as someone who may put the Fed on a path of faster interest rate hikes. Gold Futures - Dec 17 fell as much as 0.30% at $1,274.47.


Oil prices rose to near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. Crude Oil WTI Futures fell as much as 0.32%, to settle at $ 52.30.  

Economic Calendar (all times in GMT)

  • GBP Gross Domestic Product (YoY) (3Q A): (GMT 08:30) – Important – Forecast (1.5%) – Previous (1.5%).
  • USD Durable Goods Orders (SEP P): (GMT 12:30) – Important – Forecast (1.0%) – Previous (2.0%).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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