Foreign Exchange Daily Market Update 27/10/2016

Thu, October 27, 2016

Pound Rises As Gross Domestic Product Expands

The U.K. economy expanded faster than economists anticipated in the third quarter.

The 0.5% increase was better than the 0.3% median forecast of economists. Services climbed 0.8%, offsetting declines in construction and production.

The report covers the period since the vote in June to exit the EU as the U.K. came to terms with a verdict that triggered a change of PM, a major plunge in the pound, price spats between companies and the first BOE interest-rate cut in seven years.

The growth in the three months through September marked a 15th straight quarter of growth and could mean the BOE is less likely to cut interest rates at its decision next week.

The Pound rose against both the Euro and the Dollar after the data release to 1.1221 & 1.2257.

Data to look out for today.

09:30: GBP Gross Domestic Product

13:30: USD Durable Goods Order

CURRENCY PAYMENTS MADE SIMPLE

PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

Data Releases