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May 2016

Today marked a stable day for the Pound

Published: Thursday 26 May 2016

Today marked a stable day for the Pound. First Quarter UK GDP growth came in line with expectations at 0.4%.  Annual growth for the UK has been revised down 0.1% to 2%.  Growth figures represent the slowest pace of growth since the third quarter of last year.  Despite this rather pessimistic data, the Pound stood its ground against most currency pairs.
 
US Jobless claims beat expectations at 268k from forecast 275k and Durable Goods Orders also beat expectations.  Again the Pound didn’t budge significantly on the back of this. Oil hit $50 a barrel for the first time this year as supply disruptions and increased global demand continue its recovery. This weakened GBP/CAD to a 1 week low of 1.90.
 
Tomorrow we have GDP data from US and Fed Chair Yellen speaking.

Latest FX news by Joe De Berniere