UK GDP | Current Sentiment

Posted On 26 May 2016

Ahead we have UK GDP, which may have a lesser impact than usual due to the market’s preoccupation with the UK’s EU referendum polls.

Current Sentiment:

The Asia-Pacific session saw Private Capital Expenditure from Australia miss estimates, declining -5.2% versus -3.2% expected. However planned business investment for 2016/17 rose from the first estimate of $82b to $89b. The increase in estimated future investment, alongside another rally in oil, has kept Aussie relatively well supported – up 55 pips on the session.

Cable has remained near highs despite a poll in the early Asian session showing 44% would vote to remain and 45% to vote to leave EU. More recently another poll has shown 65% to remain and 35% to leave EU.

The USD has seen a pull-back across the board during Asian trade, without any fundamental catalyst. The next major event for USD will be Durable Goods during the NY session.

UK GDP and US Durable Goods were also covered in this week’s weekly risk event video here.

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Source:: UK GDP | Current Sentiment

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