UK Q3 preliminary GDP figures in focus to start the new week
Good day, everyone! Hope you've all been doing well and had a great weekend as we look to get things going in the session ahead.
The yen is keeping with mild gains to start the week with USD/JPY lingering close to the 109.00 handle as US-China trade talks continue to dictate the trading theme - as it has been for the most part of last week.
The constant flip flop in the rhetoric is unsettling nerves a little today but let's see if there will be any follow-ups to Navarro's remarks over the weekend.
Looking ahead, the risk mood will once again be a key factor to watch out for while we navigate through a couple of data points in Europe.
The UK Q3 preliminary GDP report will be the main release today, although pound sentiment is still largely riding on the December election playbook.
0700 GMT - Germany October wholesale price index
Prior release can be found here. The index measures the value of sales made by wholesalers in Germany, it provides an indicator of consumption and retail pattern. A minor data point.
0900 GMT - SNB total sight deposits w.e. 8 November
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
0930 GMT - UK Q3 preliminary GDP figures
Prior (Q2) figures can be found here. The release here should show an optimistic bounce after the slump in the previous quarter, and more importantly reaffirm that the UK economy has averted a technical recession. That said, despite the good news in the short-term, the pound should still find it tough to rally significantly considering election uncertainty.
0930 GMT - UK September monthly GDP figures
0930 GMT - UK September manufacturing, industrial, construction output
Prior release can be found here. As the overall Q3 report is released at the same time, the focus will be on that and this will just be more of an accompaniment.
0930 GMT - UK September trade balance data
Prior release can be found here. Similarly, the data here is mainly accompanying the overall Q3 report released at the same time.
That's all for the session ahead. Do be reminded that it is a US and Canadian holiday today (Wall St is open though) so expect thinner liquidity conditions later in the trading day. I wish you all the best of days to come and good luck with your trading!
