The British Pound looks to second-quarter UK GDP figures to guide BOE interest rate hike bets after dropping to a one-month low against the US Dollar.
Talking Points:
British Pound Looking to 2Q GDP to Inform BOE Interest Rate Hike Bets
Australian Dollar Declined Overnight as Post-CPI Correction Continued Add
Economic Data Releases to Your Charts with the DailyFX News App
Second-quarter UK GDP figures headline the economic calendar in European hours. Expectations suggest output grew 0.8 percent, matching the first-quarter outcome. The year-on-year growth rate is expected to accelerate to 3.1 percent, the fastest in almost seven years.
Data from Citigroup shows UK economic news-flow aggressively deteriorated relative to expectations in the three months through June, opening the door for a downside surprise. Such an outcome is likely to undermine BOE interest rate hike speculation, weighing on the British Pound.
The Australian Dollar narrowly underperformed in overnight trade, sliding as much as 0.2 percent on average against its leading counterparts. The move tracked a decline in Australia’s benchmark 10-year bond yield, hinting the selloff reflected moderation in investors’ RBA policy outlook following a surge triggered by second-quarter CPI figures.
FXCM, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials. FXCM, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US FBI has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.