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The UK will report its GDP on February 12 at 9:00 MT time. Let’s get ready for this release.
The gross domestic product indicator (GDP) is the broadest measure of economic activity and the primary gauge of the economy's health. There are 2 types of GDP releases: preliminary and final. A preliminary report is the earliest and thus tends to have the most impact. This Friday, the UK will publish preliminary GDP. UK GDP rose by 16% in the third quarter of 2020 after a record 18.8% drop in the previous three-month period. Notably, this was the highest increase since 1955. However, the level of UK GDP is still well below its pre-pandemic levels. Will the GDP report again surprise investors with upbeat data?
Instruments to trade: GBP/USD, EUR/GBP, GBP/JPY
Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.
Riskier currencies such as the GBP, NZD, and AUD skyrocketed to multi-year highs. 10-year Treasury yields rose to the highest level in almost a year. Oil tries to rebound from its previous week's losses.
UK will publish the unemployment rate on Tuesday, February 23, at 09:00 MT time.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
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