Analysis and Recommendations: The GBP/USD moved between small gains and losses after Q3 GDP met expectations. The pound is down 6 points at 1.6037.
The GBP/USD moved between small gains and losses after Q3 GDP met expectations. The pound is down 6 points at 1.6037. Figures showed the UK economy slowing but in line with forecasts and still growing at a healthy pace, a relief for those worried that weakness overseas could be a heavier drag on activity.
The pound moved further above $1.60 and on a broader trade-weighted basis was on track for its first weekly rise in four. Britain’s economy grew by 0.7 percent in the third quarter, down from 0.9 percent the quarter before but in line with economists’ expectations, preliminary figures showed on Friday.
Gross domestic product expanded by 0.7 per cent in the July-September period, compared with 0.9 per cent in the second quarter. Growth slowed as services output growth eased and manufacturing expanded at its weakest pace in 18 months.
News of the Ebola patient fueled risk aversion. A doctor who returned to New York City recently after treating Ebola patients in West Africa tested positive for the virus Thursday. New York Mayor Bill de Blasio said authorities had been preparing for an Ebola case for weeks and followed new protocols “very precisely.”
In addition, investors were reluctant to make major moves ahead of big events such as the outcome of European stress tests scheduled for Sunday, as well as the policy meetings of the Federal Open Market Committee and the Bank of Japan next week.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Today’s economic releases actual vs. forecast:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
NZD |
Trade Balance (MoM) |
-1,350M |
-700M |
-472M |
|
|
|
NZD |
Trade Balance (YoY) |
650M |
1,510M |
2,020M |
|
|
|
EUR |
GfK German Consumer |
8.5 |
8.0 |
8.4 |
||
|
GBP |
GDP (QoQ) (Q3) |
0.7% |
0.7% |
0.9% |
|
|
|
GBP |
GDP (YoY) (Q3) |
3.0% |
3.0% |
3.2% |
|
|
|
USD |
New Home Sales (Sep) |
|
470K |
504K |
|
|
|
USD |
New Home Sales |
|
-5.8% |
18.0% |
Upcoming Economic Events that you should be monitoring:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
|
|
Holiday |
New Zealand – Labour Day |
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|
EUR |
German Business Expect |
|
98.4 |
99.3 |
|
|
|
EUR |
German Current Assess |
|
109.5 |
110.5 |
|
|
|
EUR |
German Ifo Climate Ind |
|
104.1 |
104.7 |
|
|
|
USD |
Pending Home Sales |
|
0.3% |
-1.0% |
Government Bond Auction
Date Time Country Auction
Oct 27 12:30 Germany Eur 2.0bn new 12M Bubill (Oct 2015) auction
Oct 27 18:30 Italy Announces details of BTP/CCTeu auctions on Oct 30
Oct 27 12:10 Italy BTPei/CTZ auctions
Oct 28 12:10 Italy BOT auction
Oct 28 19:00 US 2Y Note auction
Oct 29 12:03 Sweden Bond auction
Oct 29 12:30 Germany Eur 4.0bn Aug 2024 Bund auction
Oct 29 17:30 US 2Y FRN auction
Oct 29 19:00 US 5Y Note auction
Oct 30 12:10 Italy BTP/CCTeu auctions
Oct 30 19:00 US 7Y Note auction