Published: 30/09/2024 By ECAP
The British Pound was relatively flat this morning following the release of UK GDP data for the second quarter of the year. UK GDP grew by 0.5% quarter-over-quarter in the second quarter, slightly below the expected and previous increase of 0.6%. Looking forward, in the absence of any notable UK economic releases, movement in the Pound may be driven by market risk dynamics this week.The Euro continues to be pressured by the increasing odds of the ECB implementing another interest rate cut in October. In fact, lower than expected inflation in France and Spain has reinforced the likelihood of the third cut in the ECB's ongoing policy-easing cycle. Looking forward, investors will likely monitor a slew of economic releases from Germany for further cues.
The U.S. Dollar is struggling to find demand on the last trading day of the third quarter. For now, investors will closely monitor several Federal Reserve policymakers, including Chairman Jerome Powell, who are scheduled to deliver speeches later today. Looking forward, U.S. PMI figures will be released on Thursday, ahead of the week's highlight which is Friday's non-farm payroll release.
Data supplied by GC Partners