Sterling boosted by growth in December

12th February 2020 Market Update

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?? GBP - The pound gained around 0.5% against both of its other major counterparts during the UK session yesterday. GDP exceeded expectations, coming in at 0.3%. Markets reacted positively to the 2019 growth estimate increasing to 1.4%, which is slightly higher than the 1.3% we saw last year.

There is no data out from the UK today.

?? EUR - The euro witnessed a brief bit of rest bite from its recent woes yesterday, as ECB President Lagarde addressed investors’ concerns of a further rate cut by the ECB at their next Interest rate meeting.

Industrial Production will be released today and is set to come in at -1.9%.

?? USD - Fed Chair Powell continued his recent trend and remained largely muted about US Interest Rates in a speech delivered yesterday. Powell did however warn that the ‘Coronavirus may affect global growth, which would lead to disruptions in China that spill over to the rest of the global economy.’

Today Powell is set to deliver his semi-annual testimony, and US Fed president Harker is also set to speak.

Summary:

GBP: Boris bounce boosts pound
EUR: Lagarde addresses rate cut concerns
USD: Powell muted about Interest rate cuts

 

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