Economic News Releases
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Pound slipping against major currencies today after worse than expected GDP data.
Rolling three-month GDP growth slowed to 0.3% against the forecast of 0.4%. The monthly GDP dropped by -0.4% in the month of April – some way below the forecast of -0.1% sending the Pound lower.
”GDP growth showed some weakening across the latest 3 months, with the economy shrinking in the month of April mainly due to a dramatic fall in car production, with uncertainty ahead of the UK’s original EU departure date leading to planned shutdowns.”
”There was also widespread weakness across manufacturing in April, as the boost from the early completion of orders ahead of the UK’s original EU departure date has faded.” Head of GDP at Office for National Statistics Rob Kent-Smith said in a statement after the latest figures were released.
Cable dipping to below 1.27 level, down by around 0.37% towards the end of the European session.
GBP/USD – Daily
Dollar recovering today after falling on Friday following disappointing Non-Farm Payroll data, strengthening against most of the majors.
USD/JPY trading at 108.56 level, up by 0.33% at the end of the European trading day.
USD/JPY – Daily
Forex Majors Summary
Oil trading lower today following gains last week. US crude down by 0.36% at $53.87 per barrel. Brent at $62.90, down by around 0.70% towards the end of the trading day.
Metal commodities also trading lower today with Silver experiencing the biggest losses, down by 1.51% at $14.75. Gold down by 0.87% at $1,329.42 after reaching the highest level since April 2018 last week.
XAU/USD – Daily
Gains for all of the major global Indices during the European session today.
In the United States, S&P500 and Dow Jones up by 0.77% and 0.66% respectively.
Similar gains for the DAX30 and FTSE100 both up by 0.77% and 0.59%.
Global Indices Summary
Most major digital currencies trading higher today.
Litecoin, who overtook Bitcoin Cash as the world’s fourth largest digital currency by market cap making the biggest gains, up by 8.56% in the last 24 hours increasing the gap between the two cryptocurrencies even further.
XRP trading slightly lower, down by 0.63% at $0.40.
By Klavs Valters
Sources: GO Markets MetaTrader 5, Datawrapper, Tradingview, CoinMarketCap, Bloomberg
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