UK GDP Misses Forecasts in October Report

Written by

Anthony Bull

Daily Currency Update

UK GDP Misses Forecasts in October Report

Friday starts with a disappointing UK GDP report and weaker German trade data. Markets are moving cautiously, keeping an eye on commodity prices and currency shifts. As the year wraps up, traders are watching how these signals could shape the next moves.

Person checking October 10 Market Update on mobile, featuring a financial chart displaying CPI, energy prices, and currency movements data.

Key Data Out Today

  • Germany Balance of Trade (Oct): Recorded €13.4B, falling short of the €16.1B forecast, reflecting weaker exports.
  • UK GDP MoM (Oct): Unchanged at -0.1%, missing forecasts of 0.2%, signaling ongoing economic stagnation.

Energy & Precious Metals

  • Crude Oil: WTI edged up to $70.08 (+0.08%), while Brent saw a modest gain to $73.44 (+0.03%). These increases reflect optimism about recent demand recoveries despite overall cautious sentiment.
  • Gold: Slipped to $2674.86/oz (-0.22%), weighed down by a stronger dollar and rising U.S. yields.
  • Silver: Dropped 0.33% to $30.79/oz, extending its weekly losses as industrial demand remains sluggish.

Currency Movements

EUR/USD

  • EUR/USD: Remains flat at 1.0468, reflecting weak trade data from Germany and soft inflationary pressures.

GBP/USD

  • GBP/USD: Fell to 1.2628 (-0.36%) as disappointing GDP figures added pressure on the pound.

AUD/USD

  • AUD/USD: Flat at 0.6368, as commodity-linked currencies continue to struggle against a firm dollar. 

NZD/USD

  • NZD/USD: Down 0.33% to 0.5764, reflecting broader weakness in risk-sensitive currencies.

USD/JPY

  • USD/JPY: Strengthened to 153.15 (+0.34%) as the yen weakens amidst widening yield differentials.

USD/CNY

  • USD/CNY: Up 0.17% to 7.2886, reflecting concerns about slowing growth in China.

USD/CHF

  • USD/CHF: Gained 0.21% to 0.8942, as the dollar continues to outperform amid safe-haven demand.

USD/CAD

  • USD/CAD: Slightly higher at 1.4225 (+0.03%) as oil price stability provided minor support to the Canadian dollar.

USD/MXN

  • USD/MXN: Flat at 20.207, with the peso holding steady despite subdued risk appetite.

USD/INR

  •  USD/INR: Down slightly to 84.795 (-0.05%), reflecting a cautious sentiment in emerging markets.

Things to Keep a Watch On:

  1. Energy Prices: Watch for developments in oil and natural gas pricing as winter demand picks up.
  2. Currency Trends: Continued focus on USD strength and its impact on GBP and EUR movements.
  3. UK Economic Data: Investors will monitor for further signs of weakness ahead of next week’s BoE meeting.

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