Market themes of the Day: UK GDP is set to triple the first growth rate


What you need to know before markets open
Main themes:

  • Brexit deal within 7 days would be "pushing it", says Britain's Hunt.
  • The ECB President Mario Draghi delivers an introductory statement during his exchange of views with the House of Representatives in Dublin.
  • Fed paved the way for the December rate hike in support of the US Dollar. For more details read Joseph's Analysis here. 
  • UK GDP is expected to have accelerated in the third quarter, but the prize is offered for the economists to propose a futuristic structure for the UK economy to accelerate growth. For more details read my GDP Preview here.

Europe

  • German export fell -0.8% y/y while import fell -0.4%y/y in September as trade balance remains in a surplus of €17.6 billion.
  • European Commission forecasts the Eurozone growth to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020.
  • German ruling CDU party is set to elect new party leader after Angela Merkel´s departure.
  • The ECB President Mario Draghi delivers an introductory statement during his exchange of views with the House of Representatives in Dublin at 15:20 GMT.
  • The ECB executive board member Benoît Cœuré participates in Industry outreach roundtable on euro risk-free rates in Frankfurt at 10:00 GMT.

UK

  • The UK Prime Minister Theresa May asked her Cabinet to evaluate the Brexit agreement without the crucial part regarding the Irish border backstop.
  • The UK GDP is expected to rise 0.6% over the quarter and 1.5% over the year. For more details read my GDP Preview here..
  • The UK manufacturing output is expected to rise 0.1% m/m in September decelerating to 0.4% y/y.
  • The UK trade balance is expected to reach a deficit of -£11.25 billion in September. 

US

  • The US weekly initial jobless claims reached 214K in the week ending November 2.
  • Fed paved the way for the December rate hike in support of the US Dollar. For more details read Joseph's Analysis here. 
  • Federal Reserve Governor Randal Quarles is scheduled to speak about the regulation in Brookings Institute in Washington.
  • Michigan consumer confidence is expected to decelerate to 98 in November.
     

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.