The UK Economy Grows 0.6% in the Second Quarter

2024-08-15
Summary:

Consumer prices fell below 3% for the first time since 2021, causing the dollar to weaken. The pound rose with 0.6% UK Q2 GDP growth.

EBC Forex Snapshot, 15 Aug 2024


The dollar was soft on Thursday after data showing consumer prices slowed to below 3% for the first time since early 2021., Meanwhile the pound strengthened as UK economy grew 0.6% in Q2.


The figures add to the mild increase in producer prices in July in suggesting that inflation is on a downward trend, although traders are now anticipating the Fed to be not as aggressive on rate cuts as hoped.

GBPUSD

The British GDP has recorded slight growth almost every month so far this year. Institutions including the IMF, Goldman Sachs and the BOE have all hiked their growth forecasts for it in recent months.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 12 Aug) HSBC (as of 14 Aug)

support resistance support resistance
EUR/USD 1.0796 1.1017 1.0842 1.1075
GBP/USD 1.2613 1.2894 1.2708 1.2961
USD/CHF 0.8333 0.8827 0.8426 0.8871
AUD/USD 0.6363 0.6653 0.6438 0.6731
USD/CAD 1.3590 1.3977 1.3621 1.3866
USD/JPY 141.70 147.90 140.58 154.13

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

The Bank of Japan showed economic optimism on Friday

The Bank of Japan showed economic optimism on Friday

The yen rose as the BOJ showed optimism on growth and signaled cautious tightening, while the dollar fell on expectations of more US rate cuts.

2024-09-20
AUD rebounds on jobs report

AUD rebounds on jobs report

The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.

2024-09-19
The dollar wavered on Wednesday

The dollar wavered on Wednesday

The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.

2024-09-18
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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