View Single Post
Old 12-11-2019, 12:44
KostiaFM's Avatar
KostiaFM KostiaFM is offline
Level IV Lasers Member
Join Date: Mar 2019
Posts: 331
Default Re: Daily Market Analysis by ForexMart

GBP/USD. November 12, 2019 Pound moderately grows despite weak macroeconomic data

The British sterling today shows growth to the level of 1,2800, despite weaker than expected data on GDP, trade and industrial production in the UK. British GDP grew by only 0.3% in the III quarter (the forecast growth by 0.4%), the trade balance was at -12.541 billion pounds, and industrial production -0.3% (the forecast of -0 , 2%).

The British currency was supported by Nigel Farage's comments, that his Brexit party would not oppose the Conservative candidates. This is great news for Boris Johnson, whose chances of winning the December elections have grown significantly after this statement.

However, this positive can be offset by weak macroeconomic data. Today's report on the labor market reflected an increase in the number of applications for unemployment benefits to 33 thousand. The previous indicator was fixed at around 13.5 thousand.

Thus, today under the influence of multidirectional factors, the sterling will continue to grow moderately to the level of 1.28. However, fixing below this mark is unlikely.
Reply With Quote