Economic Releases from the UK and US
Daily Currency Update
Financial markets were quiet yesterday ahead of UK unemployment data, UK GDP, and inflation data from the US due for release this week. Expectations for further rate rises in the UK and US have dipped as investors switch focus to growth in the World's major economies.Key Movers
Data released this morning showed that UK unemployment rose by 0.1% to 4.3% in July, a level not seen in a year.On Wednesday UK GDP will be released and the Bank of England will be watching closely to see if 14 months of Interest Rate rises have had a dampening effect on growth in the UK. Annual GDP is expected to fall from 0.9% to 0.4%.
In the US we see inflation data due this week and it will be interesting to see if recent rises in crude oil have had an upward effect.
The ECB also meets this week to decide on Monetary policy and it is unclear at this time whether slowing growth in the Eurozone will reduce expectations of additional interest rate rises.
Expected Ranges
- GBP/USD: 1.2400 - 1.2555 ▼
- GBP/EUR: 1.1600 - 1.1700 ▲
- GBP/AUD: 1.9375 - 1.9500 ▼
- EUR/USD: 1.0650 - 1.0775 ▼