12/08/2021 -DAILY MARKET REPORT


Will GCSEs be as good as GDP?


So far this week, sterling has been performing strongly against both the dollar and the euro. And after this morning’s preliminary second-quarter Gross Domestic Product (GDP) reported growth rebounding to a more than respectable 4.8%, it should continue to hold its ground. The GDP figure was the most noteworthy number released today amongst a host of economic data. Manufacturing Production, which was slightly higher than anticipated and showed signs of a continuing rebound by UK industry.


This afternoon, we see the release of the EU Industrial Production number. However, the EU data is likely to be overshadowed by data releases in the US which could influence the Federal Reserve’s proposed tightening of policy. We will be watching today’s Producer Price Index (PPI) closely for indications about the future course of inflation. After yesterday’s Consumer Price Index received a mixed reaction from analysts, some dollar selling occurred. If PPI comes in under the predicted 5.6%, the dollar will weaken again, giving both sterling and the euro a boost.


  • With sterling at such high levels, we recommend that you talk to your account manager about how best to take advantage of the euro’s recent weakness.


On This Day...


On this day in 1990, The most complete and best-preserved skeleton of a Tyrannosaurus rex was found on South Dakota's Cheyenne River Sioux reservation. It was nicknamed "Sue" after Susan Hendrickson, the paleontologist who discovered the Dinosaur fossil.


Have a great day.

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