Archive for Brexit

UK’s 2018 GDP Falls To The Slowest Pace Since 2012

By Orbex

Britain’s economic growth slowed sharply in the fourth quarter of 2018. The yearly growth was the slowest in six years, as Brexit worries and global trade tensions dampened activity.

Data showed that the nation’s GDP increased just by 0.2% up to December 2018.

Growth slowed down more than half from the third quarter when the economy advanced 0.6% back then. This was, however, the preliminary release by the ONS and the data is subject to revisions in the coming weeks.

Economists estimated that the UK’s economy would grow by 0.3% in the fourth quarter of 2018. However, the actual data came out lower than expected.

UK’s quarterly GDP growth, 2018

The UK’s economy had remained week for most of last year. Here is a summary of the UK’s growth figures every quarter in 2018.

Period GDP (%)
Q1 (Jan – March) 2018 0.1%
Q2 (April – June) 2018 0.4%
Q3 (July – September) 2018 0.6%
Q3 (October – December) 2018 0.2%


On a year over year basis, the UK’s GDP was seen rising 1.3% in the fourth quarter of the year. This was the weakest pace of increase in GDP since the second quarter of 2012.

The annual growth rate of 1.4% was slightly lower compared to the 1.6% increase forecasted by economists.

Head of ONS GDP, Rob Kent, said that the slowdown in the fourth quarter’s GDP came on account of weakness in the car manufacturing sector and a decline in steel production. The GDP decline was also accelerated by sharp falls in the construction sector as well.

The only exception was the services sector. Health, management and IT managed to offset some of the declines from the manufacturing and construction sectors.

For December, GDP fell by 0.4% during the month. This is somewhat better compared to the forecasts which showed that economists expected the UK’s GDP to stagnate.

There was a broad-based decline among sectors including construction, production, and services. This was also the first time that there was a decline across all the sectors since September 2012.

More sectors affected

One of the reasons for the UK’s sectors to post declines was due to Brexit. With the March 29th deadline looming, no deal in sight, and the UK parliament rejected the agreement twice, fears make sense.

The GDP reports come a week after the Bank of England held its monetary policy meeting. The BoE, while leaving interest rates unchanged, forecasts that the growth for 2019 would fall to 1.2% from the current 1.4% in 2018.

The 2019 GDP growth forecasts would be one of the slowest in a decade. The estimates scored much lower compared to the 1.7% growth that the central bank had forecast just as recently as the November 2018 monetary policy meeting.

UK government spending rises 1.4%

The Bank of England issued a warning that a no-deal Brexit would hamper the economic activity severely.

 The slower output was also evidenced not just for the last quarter of 2018 but also for January. While the BoE noted that interest rates would rise in case of a Brexit deal, the chances for this remain slim at the moment.

Private consumption increased by only 0.4% on a sequential basis which scored better than the 0.3% forecasts. The government spending rose by 1.4% which was the biggest gain compared to the 0.5% increase that was forecast by economists.

The gross fixed capital formation declined by 0.5%. This was worse than the forecasts of a 0.2% decline. Exports increased 0.9% while imports rose 1.3% during the quarter. Both imports and exports were forecast to rise by 1.0% respectively.

Investment in businesses fell 1.4% on a sequential basis which was higher than the forecast of a 1.0% decline forecast by economists. Business investment decreased for the fourth quarter on a sequential basis indicating that businesses were wary of raising investments amid the Brexit uncertainty.

UK Manufacturing, Industrial production declines in December 2018

In a separate report, the Office for National Statistics (ONS) released other data covering the foreign trade, production, and services data for December.

Official reports indicated that the UK’s total trade deficit for December was 3.2 billion GBP. This was slightly higher than the median estimates of a 3.1 billion increase.

The visible trade deficit registered 12.1 billion compared to the consensus of 11.95 billion.

Industrial production fell 0.5% on a month over month basis in December 2018. This was worse than the forecasts of a 0.1% increase given by economists.

Manufacturing output fell 0.7% compared to expectations of a 0.2% increase while construction output fell 2.8% on the month and coming out worse than expected. The index of services fell 0.2% on the month.

Consumer prices slow down more than expected in January 2019

The recent consumer price index data showed that inflation eased more than expected on the year ending January 2019. Data released by the ONS showed that headline inflation fell to 1.8% on the year in January.

Economists polled had forecast that inflation would fall to 1.9%. In December 2018, the UK’s inflation rate scored at 2.1%.

The core inflation rate, which excludes the volatile food and energy prices registered a reading of 1.9% which matched with the consensus estimates and core inflation grew at the same pace as the month before.

The drop in inflation data comes as the Bank of England, in its recent monetary policy meeting forecast signaled that inflation would fall below the 2.0% inflation target rate in January while the central bank expected inflation to fall to 1.75% the actual reading was seen to be slightly better than expected but close to the forecasts.

The decline in inflation was partly due to the overall decline in crude oil prices. Energy prices have put a lid on the inflationary pressures. Furthermore, the British pound’s exchange rate has also stabilized from the lows since the 2016 Brexit vote, partly contributing to lower inflation.

Brexit on the agendas

The UK still has not struck a Brexit deal with the European Union, while the deadline for the March 29thlooms ever closer. The British Prime Minister has maintained that there will not be a hard Brexit while the EU officials have kept that the deal was not up for negotiation.

The main sticking point with both sides has been the Irish backstop arrangement. PM May presented the Brexit deal twice to the UK’s Parliament which stood no chance leading to a vote of no-confidence in her leadership.

PM May managed to scrape through the no-confidence vote in her government and continues to seek a mutually agreeable Brexit deal that would be acceptable to both parties. Negotiations should continue in the coming weeks.

While the negotiations continue, the effects trigger lower business investment and bleaker economic output. The slowdown in the UK’s economy also comes amid global growth slowing and the trade tensions with the United States and China.

A slowdown in China should hit almost all other major economies in the world which can a significant risk to economic growth, including the United Kingdom.

By Orbex

GBP Surges Higher On Hopes Of Irish Backstop Solution

By Orbex

The British Pound has been strongly bid over the last 24 hours as the market reacts to reports that Theresa May is close on delivering a Brexit deal. Reports surfaced yesterday suggesting that May’s team have found a potential solution to the Irish Backstop issue which could see current adversaries backing her deal.

According to UK journalists, leading Brexiteers Jacob Rees-Mogg and Steve Baker have been briefed on the “technological solution.” They have suggested that they would back such a proposal, saying “these arrangements could work.”

May Returns To Brussels

May has now returned to Brussels for further Brexit talks with EU leaders, hoping to secure the “legally binding changes” that parliament voted in favour of just a few weeks ago.

However, European Commission President Jean-Claude Juncker has reaffirmed his message that he doesn’t expect a “breakthrough” in talks, saying:

“There isn’t enough movement for me to be able to expect this to be a discussion with a concrete outcome… I don’t know what Mrs. May will communicate to me tomorrow.”

However, if May can persuade the EU to concede some ground over this new proposal, she could return to parliament with a deal that is acceptable to the majority of MPs. This would finally allow her to secure a full Brexit deal for the UK.

May Considering Bringing Parliamentary Vote Forward

May is reportedly considering bringing the final parliamentary vote forward. This is in a bid to out-maneuver Conservative Remainers who are threatening to join the Independent Group formed this week by a group of seven breakaway labour MPs.

British foreign secretary Jeremy Hunt told reporters:

“The message is really to everyone that it is possible to find a way through this. Of course, it’s challenging, there are difficulties, but there is a solution. We can get this deal through Parliament if we can have a deal where the Attorney General can change his advice on the backstop. That’s going to be key to unlocking it. Our commitment to the Northern Ireland peace process is unconditional, but with vision and statesmanship on all sides this can be done.”

If May is successful in her talks with Juncker today, the amendments to the deal could be ratified by the EU at an EU-Arab summit being held in Egypt this weekend.

Technical Perspective


After breaking back below the upper trendline of the falling wedge pattern last week, GBP found demand and traded higher. Yesterday’s spike has now seen price moving back above the 1.3004 resistance level. While above here, the focus remains on the further upside with a break of 1.3304 eyed next. Mapping a projected ABCD move from the current structure gives GBPUSD an initial target of 1.3541, back up into the area of the September 2017 swing highs.

To the downside, support remains along the 1.2693 level where we have a raft of previous swing lows which should see buyers still active. Below there and the next key support will be a test of the supporting trend line running from November 2017 lows, August 2018 lows, and Q4 2018 lows. However, a test of this region would likely only come if May is unsuccessful in her talks in Brussels today and the risk of a no deal Brexit ratchets up.

By Orbex

There is another chance to sign a Brexit agreement

By IFCMarkets

All US stock indexes slightly gained on Tuesday

Dow quotations increased due to the good reporting of the largest retailer Walmart (+ 2.2%), which announced sales growth for the 18th consecutive quarter. Nasdaq and S&P500 gained due to the growth of Amazon shares by 1.2%. The Chinese division of this American online store is going to purchase a large Kaola shopping site in the PRC. The ICE US Dollar Index significantly decreased after the announcement by John Williams, the head of the Federal Reserve Bank of New York. He said the Fed rate increase is possible only in the event of an unexpected acceleration in the growth of the American economy or inflation. Today at 20:00 CET materials of the January Fed meeting will be published in the United States.

Quotations for GBPUSD rose for more than 1% yesterday.

The pound has noticeably strengthened and updated the 2-week maximum before today’s meeting of UK Prime Minister Theresa May and the head of the European Commission Jean-Claude Juncker. They will discuss the terms of the UK exit from the European Union, scheduled for March 29, 2019. After the negotiations Teresa May will present her next Brexit plan in parliament. A vote on Parliament approval will be on February 27th. The EURUSD rate rose again above the psychological mark of 1.13. It can be noted that for 10 months the single currency has been trading in a wide range of 1.18-1.13. Its yesterday’s increase contributed to the good data on the surplus of the current account of Germany. In 2018 it was the highest in the world and amounted to 294 billion $ . Japan ranked as second one with 173 billion $ in terms of current account surplus and Russia ranked third with 116 billion $. Most European stock indices dropped yesterday, as the entire European banking sector “sank” due to the weak quarterly reporting of HSBC bank (-4%). Today at 16:00 CET the EU a preliminary consumer confidence index for February will be released.

The Japanese Nikkei continued gaining against the background of further weakening of the yen

The cheaper yen makes Japanese exporters more competitive. The shares of Toyota Motor (+ 1.4%), Mazda Motor (+ 0.9%), SoftBank (+ 3.6%), Daikin Industries (+2.2), Honda Motor (+ 2.4%). The Japanese currency continues regain due to the announcement by Haruhiko Kuroda, the head of the Bank of Japan, about a possible additional easing of monetary policy. The regulator implemets emissions to repurchase assets following the example of the quantitative easing (QE) of the US Federal Reserve amounted 80 trillion yen per year. The current weakening of the yen also contributed to macroeconomic data on a significant increase in the trade deficit in January. It was the maximum for 5 years. An additional factor on Nikkei’s growth was the hope for the success in US-China trade negotiations. According to market participants this can reduce the heat of trade wars and contribute to an increase in Japanese exports. In January it collapsed by 8.4%. Australian and New Zealand dollar also significantly strengthened in anticipation of the US-China trade negotiations progress.

Quotations for sugar demonstrated significant gain

In nearest future sugar will begin to regain the rise on oil prices. The dynamics of these two assets has recently become increasingly related as the largest sugar cane producer Brazil is increasing its production of biofuels in the event of a rise in price for gasoline from petroleum. Approximately 140 kg of sugar or 75 liters of bioethanol can be produced from 1 ton of sugar cane. An additional factor in the current growth of surge quotations was the Indian National Federation of Cooperative Sugar Factories forecast about the possible reduction of sugar production in India.

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UK Labour Market Remains Strong in Latest Data

By Orbex

Employment Rises

Despite the ongoing chaos and uncertainty around Brexit, UK labour market conditions remained firm.

The latest data, covering the three months to December 2018, showed that the number of people in employment surged by 167k from the prior quarterly reading. This was well above expectations of a 153k rise. Furthermore, employment was a whopping 444k higher than that of the same time last year.

While the claimant count did tick slightly higher to 14.2, above the expected 12.3k rise, the unemployment rate remained steady at lows of 4%. Indeed, the number of unemployed people, at 1.36 million, was 14k lower than the prior quarterly reading. It was also 100k lower than the recorded number at the same time a year earlier.

Wage Growth Stalling

However, wage growth did show a loss of momentum. It remained unchanged at 3.4%, coming in under the expected 3.5% reading. The news is still good for UK consumers though, as wages remain comfortably higher than inflation.

In all, the data was positive and will be encouraging for the BOE. The central bank expressed its desire to continue to raise rates, provided that a Brexit deal can be achieved to avoid any adverse economic shocks. So, for now, all eyes remain on Brexit negotiations.

Technical Perspective


After trading down to retest the broken falling wedge pattern and piercing back below the upper trend line, GBPUSD has since turned higher again. It is now holding back above the pattern. Bulls will need to see a break back above the 1.3004 resistance to encourage further upside, while for now, focus remains on a test of deeper support at the 1.2693.

By Orbex


Pound Still Worried About Brexit

The British Pound is still completely focused on the Brexit talks. This is the reason why the Pound plummeted significantly last week and the reason it managed to recover later.

Prime Minister Theresa May introduced the revised draft of the Brexit agreement with the European Union to the British Parliament. For example, policymakers were offered to vote on the Article 50, which implied to postpone the exiting procedure, but they were against it. Other key changes in the Agreement were also declined.

It’s not easy to be May right now. After two unsuccessful votes on the Brexit, she decided to revise the agreement, on her own, against the European Commission’s stance, so that the British policymakers could approve it. Failure. It didn’t work out for the third time.

May is ready to try and approve the Brexit agreement again and again. After plummeting for about a week, the Pound managed to recover a bit thanks to May’s comments on her intentions to continue working on the document and return to the Parliament with a new revised version in case she had a breakthrough. The deadline for the Brexit revisions is February 26th, so the Pound will surely have more new reasons for fluctuations.

In the H4 chart, GBPUSD is trading downwards and this decline may be considered as a correction of the previous uptrend. After the pair reached 50.0% fibo, there was a convergence on MACD, which made the price reverse and start a new rising impulse. Right now, this impulse is testing the resistance line of the descending channel at 1.2930. If the instrument breaks it, the pair may continue growing towards 1.2994, 1.3047, and 1.3110 (50.0%, 61.8%, and 76.0% fibo respectively). Another possible scenario implies that the price may rebound from the resistance line and start a new impulse to the downside to break the low at 1.2773 and reach 1.2710 (61.8% fibo).

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.



The week ahead: Trade talks, FOMC minutes and Brexit in focus

Article by ForexTime

It has been a relatively quiet start to another busy trading week, with stocks in Asia concluding higher and European shares remaining steady amid gradual improved optimism over potential progress in US-China trade negotiations. Although Wall Street is closed today due to Washington’s birthday, global stock markets will be hoping for more inspiration to push higher after President Trump tweeted that US-China talks have been “very productive”.

I do think that while reports of China and the US achieving a consensus in principle on major topics is a welcome development for financial markets, it remains too early for any celebrations. The clock is ticking fast on the end of the 90-day truce set late last year, and it remains wishful thinking to carry optimism that there will be a major breakthrough with a trade deal. The more likely scenario at this point is that both sides could agree to another extension on the previous truce, or that there is an extension to the March deadline for new China tariffs. A market-friendly outcome to these long-standing tensions is still very much needed to boost appetite for riskier assets.

Across the Atlantic, all eyes will be on the FOMC minutes mid-week that should offer further insight into how ‘patient’ and ‘flexible’ the Fed is on future rate hikes. If the minutes signal that US interest rates will be not increased at all in 2019, the Dollar is at risk of being dethroned as the king of the currency markets. The impact of last week’s disappointing retail sales report continues to be reflected in the Greenback’s bearish price action today, with the Dollar Index trading marginally below 96.70 as of writing. We see the Dollar weakness becoming a major theme in the near term, as political risk in the United States, disappointing domestic data and speculation of a pause in US monetary tightening decrease the Dollar’s competitive advantage against its major peers.

Investors should fasten their seat belts and prepare for a rocky ride on the British Pound, as Theresa May heads back to Brussels this week for more Brexit talks. With the European Union repeatedly stating that the Withdrawal Agreement is not open for renegotiations, May risks flying back home empty-handed. It is interesting how the Pound offered a muted reaction today despite several Labour MP’s resigning over the Brexit drama. Traders are becoming increasingly unconcerned with the endless political drama in the Commons, with some complacency over Brexit possibly seeping in. The Pound seems to be supported by expectations over the government extending Article 50 in an effort to prevent a no-deal Brexit.

Looking at the technical picture, the GBPUSD is pushing higher on the daily charts with prices finding comfort above the 1.2900 level. A solid daily close above this point should provide bulls with enough fuel to journey towards 1.3000.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

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Carney Warns Of “Economic Shock” From No Deal

By Orbex

While on the one hand, the governor reaffirmed the risks around a no-deal Brexit, this time Carney tempered his warnings with some positive perspectives around the potential for free trade deals in the aftermath of Brexit.

Commenting on the progress of Brexit negotiations, Carney said that “it is in the interests of everyone, arguably everywhere” to find a Brexit solution.

He added that the “economic shock” from a no deal Brexit would be crippling given the current context of falling world trade and a slowing down of the Chinese economy.

“High Levels of Uncertainty”

In terms of the negative impact from Brexit, Carney said that it had fuelled “high levels of uncertainty” with companies “holding back on making big decisions”. He added:

“A no-deal would be an economic shock for this country, and this would send a signal globally about re-founding globalization.”

Carney feels that sending this signal “would be unfortunate.”

However, he also stated that Brexit could deliver some positives too saying:

“It is possible that new rules of the road will be developed for a more inclusive and resilient global economy,”

Adding that Brexit is an “acid test” for the future of global trade.

Technical Perspective

forex gbpjpy

GBPJPY Remains within the bearish channel that has framed price action since early 2018. After piercing below the structure briefly at the start of the year, price has since traded back up into the middle of the channel and, for now, is trading between support at the 139.90 level and resistance at the 144.85 level. A break of this upper level will bring a test of the channel top into focus.

By Orbex

Pound yawns as Brexit fatigue sets in; Oil jumps

Article by ForexTime

The Pound was clearly disinterested this afternoon after Prime Minister Theresa May asked Members of Parliament to grant her more time for Brexit talks.

Investors who were hoping for some fresh insight into the progress of Brexit negotiations were left empty handed after her update brought nothing new to the table. With the European Union repeatedly stating that the withdraw agreement is “not open for re-negotiation”, it will be interesting to see what May actually achieves with the extra time. The pound’s muted price reaction to May’s speech suggests that Brexit fatigue may be setting in as traders become increasingly detached to the endless Brexit drama. Some complacency about the possibility of a no-deal Brexit is also supporting the Pound, as expectations mount over the government extending article 50.

For those who are wondering why the Pound eventually pushed higher this afternoon despite May’s plea for more time and Carney’s cautious speech, the answer can be found in the Dollar. A depreciating Dollar was the primary driver behind the GBPUSD’s modest rebound towards 1.2890. While the GBPUSD is seen trading higher if buyers are able to conquer 1.2900, any meaningful upside gains are poised to be capped by the “fog of Brexit”. In regards to the technical picture, the GBPUSD remains bearish on the daily charts. A breakdown below 1.2850 is likely to open a clean path towards 1.2780.

Oil finds a friend in OPEC…

Global oil prices were bullish today thanks to OPEC led production cuts and US sanctions against Iran and Venezuela’s oil sector.

Recent comments from Saudi Arabia stating that it will trim oil production to nearly 9.8 million bpd in March came as a welcome development for Oil markets. With the partial closure of the Keystone pipeline also fuelling concerns of possible supply shocks, the near-term outlook for oil tilts to further upside. Zooming out and taking a look at the bigger picture, the longer-term outlook remains bearish. With surging US Shale production stimulating oversupply concerns and global growth fears seen impacting demand for Crude, bears still remain in control.

Technical traders will continue to closely observe how WTI Crude behaves within the $54 – $51 trading band. A breakout or breakdown of this trading range may determine the next key trend.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12

UK Trade Deficit Widens On Brexit Stockpiling

By Orbex

Alongside the weaker than anticipated GDP print released yesterday, GBP was weighed down by data which showed a widening of the UK trade deficit in December.

The total trade balance for the UK over the final month of 2018 fell to -12100 million, worse than the -11946 million the market expected.

Brexit Stockpiling To Blame

A key driver of the increase was reportedly the rise in stockpiling undertaken by UK firms ahead of the UK’s scheduled EU departure date of March 29th.

In the face of such uncertainty, businesses have ramped up stockpiling operations which drove a significant increase in imports of cars, machinery, and chemicals.

The breakdown of the data shows car imports rose by £1.2 billion over the measured time period. Meanwhile, machinery imports increased by £300 million, and imports of other machinery and chemical items rose by £700 million.

Fears Of A Sharp Currency Fall Build

The sharp rise in imports, which outstripped the levels of exports over the same period, reflects the fear businesses have of the risk of a sharp depreciation in GBP. Also, it reflects business concerns regarding the necessary access to suppliers in the event of a no deal Brexit.

As Brexit negotiations continue in the ever-nearing face of the March 29th deadline, the UK economy is likely to continue to be hit by uncertainty.

Until then, the market will wait and see if the UK PM will be able to deliver a deal and avoid a hard-Brexit successfully.

Technical Perspective


GBPUSD is now retesting the broken top of the falling wedge pattern. If price makes it back below the resistance trend line, support at 1.2693 will be brought into focus ahead of deeper support along the supporting trend line running along late 2017/mid-2018 lows.

By Orbex

Deadlines are fast approaching

Article by ForexTime

After a strong rally in risky assets since the beginning of 2019, anxiety and concerns over global economic growth have returned. This was evident in currency markets last week where inflows returned to the U.S. Dollar despite a dovish Fed. Equity markets in Europe hit a wall with the Stoxx 600 ending a five-week winning streak. Meanwhile, U.S. investors are becoming worried about fading profits and possibly an earnings recession.

A better gauge of economic and financial conditions is to look at what fixed-income markets are pricing. Japan’s 10-year bond yields have fallen below zero once again, the German 10-year Bunds yields are trading at their lowest level since October 2016, and U.S. 10-year yields are 19.3% below the peak reached in October. While it doesn’t necessarily mean a recession is near, fixed-income markets are indicating a significant slowdown in global economic growth.

This week is a big one for financial markets. The 90 days U.S.-China trade truce ends on March 1 and failing to reach an agreement by then could lead to more than double the current American tariffs on Chinese goods. According to a Wall Street Journal report, the two sides have not even drafted an accord that specifies where they agree and disagree. With U.S. trade representative and the Treasury Secretary headed to Beijing to kick-start a new round of trade talks in Beijing today, markets are anticipating some good news. This is reflected in Chinese equities which advanced today after a week-long national holiday. However, investors need to manage their expectations especially with conflicting messages from President Trump.

The clock is also ticking fast for the UK. With only 46 days remaining until Britain is scheduled to exit the EU, no one knows yet what will happen next and what version of Brexit will be achieved. This week, Prime Minister Theresa May needs to deliver a statement to Parliament on what progress has been accomplished and from what we know, nothing significant. Chances are high that MPs will file a motion to have greater control over the Brexit process and possibly extending the Article 50 deadline. A step closer to extending the deadline may see Sterling bouncing back above 1.32. On the data front, investors will keep a close eye on the UK’s final quarter GDP, and industrial production data due to be released later today.

We also have important data on the U.S. calendar this week. Inflation figures due to be released on Wednesday will provide further insight into whether the Fed’s judgment of the U.S. economy was accurate.  Retail sales is also another important piece of information, and we’ll get to see if the recent turmoil in equity markets has affected spending habits.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

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ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12