Sterling heads for first weekly profit in seven against dollar

Economies.com
2018-12-21 17:59PM UTC

Sterling tilted higher in American trade off April 2017 lows for the seventh session out of eight against the dollar, following earlier data from Britain and the US. 

 

As of 05:23 GMT, GBP/USD rose 0.20% to 1.2681, with an intraday high at 1.2698, and a low at 1.2632. 

 

Earlier UK data showed the GDP rose 0.6% q/q in the third quarter as expected, up from 0.2% in the second, while growing 1.5% as expected as well. 

 

Current account deficit rose to 26.5 billion pounds from 20 billion, while investments in commercial business fell 1.1%, sharpening a decline of 0.7% in the second quarter. 

 

Public net borrowing rose to 6.3 billion pounds from 5.6 billion, revised from 8 billion, and below estimates of 7 billion. 

 

US Data 

 

Earlier US data showed the GDP grew by 3.4% in the third quarter of 2018, missing estimates of 3.5%, and compared to 4.2% in the second quarter. 

 

US durable goods orders rose 0.8% in November, missing estimates of a 1.6% increase, and compared to October's 4.3% drop. 

 

Core orders, excluding transportation, fell 0.3%, missing estimates of a 0.3% increase, and compared to October's 0.2% addition. 

 

US personal income rose 0.2% in November, slowing down from 0.5% in October, while missing estimates of a 0.3% increase, as personal spending rose 0.4%, slowing down from 0.4%. 

 

Finally, University of Michigan released its final reading for the consumer sentiment survey, showing an increase to 98.3 from the preliminary reading of 97.5, beating estimates of 97.6. 

 

Forex and Currency News

Forex News

Forex

Dollar hits six-week high ahead of US growth data
2024-03-28 11:38AM UTC
US Dollar's Rise in European Trade The US dollar rose in European trade on Thursday against a ...
EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...
Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...

Forex Technical Analysis

EUR USD Analysis

Forex

End of day EURUSD price forecast update - 28-03-2024
2024-03-28 17:42PM UTC
The EURUSD price provided additional negative trades to reach the thresholds of the first waited ...
NZD USD Analysis

Forex

The NZDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
NZDUSD Price Analysis The NZDUSD price resumes its negative trading to move away from 0.6000$ ...
AUD USD Analysis

Forex

The AUDUSD price forecast update 28-03-2024
2024-03-28 10:19AM UTC
AUDUSD Price Analysis The AUDUSD price achieved initial break to 0.6500$ level and closed the ...