Yesterday’s Market Movers
- As mentioned the GDP was the figure of the day in the UK and there was nothing else to take note of.
- In the EU, German CPI came out flat in line with expectations and as the only piece of data caused little movement in the market as we saw GBP/EUR trade within a 60 pip range.
- The only data in the US was the consumer confidence figure which came out slightly worse than expected, resulting in risk aversion causing the USD to strengthen slightly against the GBP and the EUR.
Today’s Market Movers
- It looks to be a quiet day in the markets, starting with EMU consumer confidence which is expected to come out slightly worse than previous however it could be the case that this causes little effect against major counterparts with worse than previous data releases expected for the UK and the US.
- The UK GFK consumer confidence is expected worse than previous as is the Employment change in the US.
- Due to the lack of fundamental data tomorrow looks to be relatively quiet although it would not be too big of a surprise to see the GBP come off further against the EUR and USD as a continuation of yesterday’s trading patterns.