IMF marginally upgraded global GDP growth forecast to 3.6% for 2017 – Deutsche Bank

Sandeep Kanihama FXStreet Contributor

Analysts at Deutsche Bank, note that the IMF in its latest World Economic Outlook report has marginally upgraded its global GDP growth forecast by 0.1ppt to 3.6% for 2017 and 3.7% for 2018, which is slightly higher than Bloomberg’s consensus of 3.4% and 3.5% respectively.

Key Quotes

“The upgrade is mainly driven by improved outlook in the US, Euro area, Japan and China (UK has been left unchanged). For the US (2017e: 2.2%; 2018e: 2.3%), the IMF noted very supportive ﬁnancial conditions and high business / consumer conﬁdence are buoying the nation’s prospects, but its base case does not take into account of any potential beneﬁts from President Trump’s proposed tax reforms.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.