EU GDP is resilient

1st November 2019 Market Update

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🇬🇧 GBP –  Sterling remained relatively strong yesterday as initial estimates suggest that Boris Johnson is on course for a majority in the general election. This gave sterling some support despite no data yesterday. This morning manufacturing PMI is due to be released at 10.30am. It is expected to marginally drop by the market, although it is unlikely to have a significant impact as politics appears to be dictating market movement.

🇪🇺 EUR – CPI came out in line with expectations yesterday, and core CPI crept up from 1.0% to 1.1%. GDP also surprisingly crept up to 0.2% from 0.1%, despite mounting concerns with the Eurozone. This had minimal impact on the euro though yesterday, with it marginally strengthening. Today is bank holiday in France and Italy, so no payments can be made there.

🇺🇸 USD –  Personal spending dropped from 0.3% to 0.2% in the US, although once again this piece of data had minimal impact on the dollar. Today is jobs day, with average earnings and non-farm employment data being released this afternoon. Average earnings is expected to improve, and non-farm employment is expected to drop. Unemployment rate is expected to increase from 3.6%, from the previous reading of 3.5%.

 

Summary:

GBP: Sterling remains firm as Conservatives on course for victory.
EUR: GDP surprisingly improves in the Eurozone
USD: US in the spotlight today due to jobs day


 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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