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July 2016

UK GDP grew ahead of the EU referendum vote.

Published: Wednesday 27 July 2016

UK GDP unexpectedly picked up momentum in the second quarter of 2016 according to the Office for National Statistics.  It grew by 0.6% as economists warned that this was likely to be a “last hurrah” for growth before a rapid slowdown. Chancellor Phillip Hammond said the “fundamentals of the British economy are strong. It is clear we enter our negotiations to leave the EU from a position of economic strength.”
 
Poor US Durable Goods and housing numbers this afternoon as orders sank to -4% in June. It is the biggest drop in almost two years as American manufacturers struggle to drum up sales to help boost the US economy. Businesses have scaled back investment over the past years amid falling profits and falling demand.
 
All eyes will be on the FOMC statement at 19:00 GMT as we await the latest interest rate decision and statement from the Federal Reserve. No interest rate change is expected from today’s FOMC meeting.

Latest FX news by Chris Verdet

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