We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
Trade GBP on economic news
Brexit keeps looming over the UK economy creating uncertainty for the British pound. British economic growth rebounded in the second quarter as retail sales and construction benefited from a warm weather boost. However, problems remain. For example, the nation’s manufacturing sector slumped into recession. Recently Britain has started publishing GDP growth figures every month. These data will have a great impact on the Bank of England’s monetary policy and the GBP exchange rate.
• If GDP growth exceeds forecast, the GBP will gain.
• If GDP growth disappoints, the GBP will fall.
The FOMC meeting is on the agenda. Will the Fed keep its rate on hold or not?
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.