Sterling still influenced by GDP figures

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Wednesday, Oct 28 2015

There were no major data releases from the UK today, with Sterling being stable around 1.53 handle ahead of FOMC Meeting Minutes. Markets are still influenced by yesterday's GDP figure. UK GDP is estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2015 compared with growth of 0.7% in Quarter 2 (Apr to June) 2015. Analysts were anticipating 0.6% increase.

Output increased in 3 of the main industrial groupings within the economy in Quarter 3 (July to Sept) 2015. Services increased by 0.7%, production increased by 0.3% and agriculture increased by 0.5%. In contrast, construction growth decreased by 2.2%. Within production, manufacturing fell by 0.3% but this fall was offset by a 2.4% increase in Mining and Quarrying and a 1.2% increase in water and waste management.

Sterling fell after the data is currently being trade around 1.53 handle. Pair is likely to find support around 1.52z0 level and resistance above 1.5380 area. Later today, in the US session, FOMC interest rate decision and the following statement are scheduled for a release.

More in this category: « German consumer optimism declines EIA reports increase of 3.4 million barrels in crude supplies »

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