Currency news

UK Q2 GDP rises by 0.6%

Dealer Support Administrator at Equals Money
-
3
min read
Publish date
15/08/24
    • GBP: Growth stalls in June
    • EUR: Weak Industrial Production
    • USD: Inflation remains sticky


    Yesterday's currency recap

    UK Q2 GDP came in marginally lower than forecasted this morning, growing 0.6% versus the 0.7% predicted, although growth flatlined in June.

    Yesterday’s UK inflation data came in slightly weaker than forecasted, but even then the Headline inflation rate rose for the first time this year to 2.2%.

    Over in the US, the Headline inflation rate came in 0.1% lower than the previous reading. Traders are now keenly awaiting the Retail Sales data due out later today, which will give us a look at the current state of US consumer confidence.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.22% 1.9402
    GBPCAD 0.10% 1.7608
    GBPCHF 0.18% 1.1112
    GBPDKK 0.13% 8.7015
    GBPEUR 0.16% 1.1665
    GBPJPY 0.01% 188.9900
    GBPNOK 0.14% 13.7600
    GBPNZD 0.02% 2.1388
    GBPSEK 0.08% 13.4400
    GBPUSD 0.10% 1.2843


    *Daily move - against
    G10 rates at 7:30am, 15.08.24

    ** Indicative rates - interbank rates at 7:30am, 15.08.24

    Key data points

    Currency Event Period Consensus Previous
    GBP GDP Q2 0.60% 0.80%
    GBP GDP YoY Jun 0.80% 1.40%
    GBP GDP MoM Jun N/A 0.10%
    USD Retail Sales MoM Jul 0.30% 0.00%
    USD Continuing Jobless Claims Aug/03 1880k 1875k
    USD Industrial Production MoM Jul -0.30% 0.60%

    Upcoming speeches

    • None today.

    What we think

    Today’s market focus will likely shift from inflation to the health of US consumer sentiment, as US Retail Sales for July are slated for release at 1:30pm today where market exceptions are for the headline number to have increased by 0.3%.

    Ahead of the Retail Sales data, the world’s largest retailer Wal-Mart will report its quarterly results and commentary. Higher interest rates are taking their toll, evidenced by companies including McDonald's and Home Depot reporting softening consumer spending.

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