Daily Currency Update

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UK GDP figures to be in focus

GBP - British Pound

Its that time again when the market looks towards the last quarter's UK GDP numbers to get an idea as to what impact uncertainty has had on the health of the country. Expectations are for the data to show the UK grew 1.2% on an annualised basis but in the last quarter there are fears that there may have been zero growth.

We are set for a few quiet few days in terms of Brexit with the House of Commons still away on recess and Boris Johnson on his countrywide tour. However, this is often the time when developments can have the largest impact and Johnson is set to meet the leaders of France and Germany at the G7 summit in Biarritz on 24-26th August.

Key Movers

It's been a while since the main focus in the markets was towards Italy, but it looks as though this is set to change. Matteo Salvini who is the leader of the Lega Nord has called for a snap election citing irreparable differences with its coalition partners, the Five Star Party. This election could come as soon as October. What a month.

Elsewhere, the People's Bank of China let the Yuan slide a little further as it set its reference rate just above 7 once again against the US Dollar. Yesterday, this drew a furious response from Donald Trump on twitter who blamed the Federal Reserve and preached for a weaker domestic currency. Will Trump be able to weaken the US Dollar? There certainly may be a number of obstacles in his way to achieve this and certainly there are roadblocks in place, however its important not to underestimate the Donald who may find artificial ways to achieve his dream instead.

Expected Ranges

GBP/USD: 1.2080 - 1.2185 ▼

GBP/EUR: 1.0795 - 1.0860 ▼

GBP/AUD: 1.7790 - 1.7850 ▼

GBP/NZD: 1.8660 - 1.8780 ▼

GBP/CAD: 1.5960 - 1.6080 ▼