Spectrum Daily Report

GBP: The British Pound is experiencing mild headwinds against the majority of its peers following the publication of the UK’s latest GDP. In fact, July’s data came in below market expectations and remained at 0% rather than rising to 0.2% as expected. Ultimately, as the data confirmed the UK continued to stagnate in July, Sterling sentiment has soured since the start of today’s European session.

EUR: The Euro is trading largely flat against the majority of its peers this morning as investors are likely hesitant to place any aggressive bets ahead of the European Central Bank’s interest rate decision. Moreover, following a slew of underwhelming economic data from within the Eurozone, should the ECB confirm a rate cut, the single currency could fall further against its counterparts.

USD: The U.S. Dollar firmed as a strong reading on U.S. consumer inflation dashed hopes that the Fed will cut interest rates by a wide margin. In fact, while headline CPI inflation still eased, the core reading suggested that inflation may prove to be stickier than initially expected. Ultimately, bets that the Fed will cut rates only by 25-basis points grew substantially while bets on a 50-bps cut more than halved.

For a live rate or to book a trade please contact us.

T: +44 203 440 7550 | E: [email protected] | W: www.spectrumfx.co.uk