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Nov 10 - 03:55 AM

GBP/USD - Scales Intra-Day Peak On UK GDP Data Beats

By Rob Howard  —  Nov 10 - 02:30 AM
  • Cable rises to 1.2235 intra-day high on better than expected UK GDP data

  • UK Sept GDP up 0.2% vs 0.0% f/c; Q3 GDP 0.0% vs minus 0.1% f/c nL8N3CB1P6

  • 1.2213-1.2229 was Asia range (pre-UK GDP data). 1.2213 was Thursday low too

  • Thursday low was plumbed after the dollar strengthened on hawkish Powell

  • Disappointing US 30-year auction lifted UST yields/USD before Powell spoke

  • UK Sept/Q3 GDP data beats are blow for doves advocating early BoE rate cut

Source:
Refinitiv IFR Research/Market Commentary

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