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Yesterday the pound continued to gain strength against the euro but fell slightly against the dollar. This morning sterling is still strong against the euro and has leaped ahead of the dollar in the wake of US GDP predictions.
Today CBI distributive trades figures will be announced giving markets an insight into the health of the UK’s retail sector.
Eurozone economy is predicted to shrink as Germany will release its latest GDP growth rate YoY data today. The previous GDP figures came in at 3.6, while the latest prediction is a much smaller 1.4%
The dollar gained strength against both sterling and the euro yesterday. Today things take a turn in the opposite direction following US GDP predictions hinting that America’s economy will continue to shrink.
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GBP: Sterling stronger against both currencies
Yesterday the pound continued to gain strength against the euro but fell slightly against the dollar. This morning sterling is still strong against the euro and has leaped ahead of the dollar in the wake of US GDP predictions.
It’s a quiet week for UK data releases. Today CBI distributive trades figures will be announced giving markets an insight into the health of the UK’s retail sector. Last month’s reading revealed that retail sales continued to fall slightly (from -5 in June to -4 in July). This month, those figures are expected to make an even steeper fall to –14.
GBP/USD over the past year
EUR: Euro still behind sterling but stronger against the dollar
It’s been a tough week so far for the euro as it has continued to decline against both sterling and the dollar. Today the euro is still weak against sterling but gains strength against the dollar.
The Ifo Business climate data will be announced today. Figures are expected to fall again, this time from 88.6 to 86.2.
Eurozone economy is predicted to shrink as Germany will release its latest GDP growth rate YoY data today. The previous GDP figures came in at 3.6, while the latest prediction is a much smaller 1.4%
France’s unemployment data will be released today. The number of unemployment benefit claims is predicted to reduce to 9K after rising to 13.6K the previous month.
USD: Dollar weaker against sterling and euro
The dollar gained strength against both sterling and the euro yesterday however things take a turn in the opposite direction today.
The dollar is weaker against sterling. Against the euro, the dollar is has also lost strength.
This follows US GDP predictions hinting at continued shrinking on the horizon for America’s economy .
This afternoon market watchers can expect QoQ GDP data from the US. The American economy entered a technical recession after having shrank an annualized 0.9% on quarter in Q2 2022. Inventories and business investment were the main contributors to GDP’s decline.
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