Sterling holds firm against the Euro
Quote of the day: “Don’t ask who’s going to let you, challenge them to try to stop you”
October 28th: Highlights
- Sterling holds firm against the Euro
- UK GDP drops to 0.5%
- US Durable Goods falls to -0.4%
- US FOMC Statement
UK economic growth cooled a little, largely because the manufacturing sector contracted for the third quarter in a row. UK GDP posted 0.5% (Vs. 0.7% forecast), down from 0.7% last quarter. Sterling lost a little ground against EUR and USD, reacting to the data, but losses were limited because the UK continues to outperform most of the majors, aided by an ECB member stating that Quantitative Easing is likely to last until Eurozone inflation hit 2%.
In the US, focus has already shifted to tonight’s FOMC statement. Yesterday, durable goods disappointed, falling to -0.4%, the lowest level in eight months. Similar to the UK, the manufacturing sector is weighing on US performance. So no change to the rate is expected from the Fed tonight, but the statement will be closely scrutinised for further clues over when a rate rise is coming.
The Aussie gave up a lot of ground yesterday, losing 3cents to sterling and about 1.25c to USD on their latest inflation data, which slowed to 2.1%, the lowest point in the last 3yrs.
Have a great day!
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