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GBP/USD – Pound in Holding Pattern Ahead of British GDP, Manufacturing Production

FX Empire, FX Empire
0 Comments| December 11, 2019

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GBP/USD is showing little movement for a fifth straight day. Currently, the pair is trading at 1.3155, up 0.07% on the day.

All Eyes on British GDP, Mfg. Production

Investors are keeping a close eye on the monthly GDP report. The economy has contracted by 0.1% over the past two months, but analysts are expecting an improvement in September, with a forecast of +0.1%. The U.K. will also release Manufacturing Production, which has posted two consecutive declines. The estimate for September stands at 0.1%. Despite disappointing PMI releases for November, but the British pound gained 1.6% last week, in anticipation of a Conservative victory in the election on Thursday. However, a minority government or a Labour win would disappoint the markets and likely send the pound to lower ground.

Pacific Currencies – Summary

USD/CNY

USD/CNY is showing little movement this week. The pair is currently at 7.0371, down 0.06% on the day. There was positive news on the inflation front, as Chinese CPI jumped to 4.5%, up from 3.8% a month earlier. This marked the highest gain since 2012.

AUD/USD

AUD/USD is flat in European trade following mixed Australian releases. The House Price Index gained 2.4% in Q3, ending a nasty streak of six consecutive declines. However, NAB Business Confidence fell to zero in November, down from 2 pts a month earlier.

NZD/USD

NZD/USD has reversed directions on Tuesday and posted slight gains. Currently, the pair is trading at 0.6556, up 0.15% on the day. There are on New Zealand events on the schedule, so it will likely remain a quiet day for the pair.

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Pacific Currencies – Summary

USD/CNY

USD/CNY is showing little movement this week. The pair is currently at 7.0371, down 0.06% on the day. There was positive news on the inflation front, as Chinese CPI jumped to 4.5%, up from 3.8% a month earlier. This marked the highest gain since 2012.

AUD/USD

AUD/USD is flat in European trade following mixed Australian releases. The House Price Index gained 2.4% in Q3, ending a nasty streak of six consecutive declines. However, NAB Business Confidence fell to zero in November, down from 2 pts a month earlier.

NZD/USD

NZD/USD has reversed directions on Tuesday and posted slight gains. Currently, the pair is trading at 0.6556, up 0.15% on the day. There are on New Zealand events on the schedule, so it will likely remain a quiet day for the pair.


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