UK GDP has rebounded after experiencing a contraction in July
Daily Currency Update
In August, the UK economy rebounded with a growth in GDP by 0.2%, as activity accelerated following a July 0.6% downturn that had been more severe than anticipated. This increase met the expectations of City analysts, as reported by the Office for National Statistics.While the services sector expanded by 0.4% in August, according to the Office for National Statistics, both the production sector and construction experienced contractions.
Key Movers
This morning the US dollar remained stable, with its value staying close to a two-week low. This came in the wake of the release of minutes from the recent Federal Reserve meeting, which revealed a cautious approach by policymakers. Investors were eagerly anticipating crucial U.S. inflation data.A drop in US inflation later today is likely to bolster the argument that the Federal Reserve has completed its tightening phase, potentially leading to a decrease in US yields and the value of the US dollar.
Expected Ranges
- GBP/USD: 1.2255 - 1.2335 ▼
- GBP/EUR: 1.1545 - 1.1615 ▲
- EUR/USD: 1.0575 - 1.0645 ▼