The British monthly GDP is announced on Friday at 09:00 MT time.
How will the British GDP growth affect the GBP?
The British monthly GDP growth rate is at 11:30 MT time on December 10.
The British PM Boris Johnson’s expected victory at the coming elections and the nearing Brexit resolution have been solidifying the British pound recently. But how has the British economy been doing? The previous two monthly GDP growth rates were at the negative 0.1% referring to the months of August and September. This time the analysts expect an improvement up to the level of 0.1%. If the October rate outperforms the forecasts on December 10, the British pound will gain strength.
- If the British GDP growth rate outperforms the forecasts, the GBP will rise;
- Otherwise, the GBP will fall.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The USD continues dipping, while the GBP is rising on hopes for the Brexit deal done today.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.