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GBP Extends Pullback, While USD Rallies on Solid GDP

FOREX
  • Tertiary GDP data provided the last look at the US economy headed into year-end, and came in with a surprising upside revision. This put annualized GDP at 3.2%, an unusual 0.3ppts beat on expectations. Personal consumption and core PCE data similarly topped forecast, buoying the USD through the London close.
  • The USD Index added 0.3% in response, most notably against high beta and growth-sensitive currencies. As a result, NZD, AUD and SEK made up the bottom-end of the G10 table.
  • JPY was the sole currency to outstrip the USD on Thursday, as post-BoJ YCC tweak strength persisted and an equity sell-off drove flow to safe haven currencies.
  • GBPUSD trades lower still through the Thursday US close and has now dipped below the 1.20 handle. This follows the move lower on Dec 15 and the extension of weakness through the Thursday close. Attention is on the first key support at 1.1901, the Nov 30 low for now.
  • Pre-holiday trade was evident, with light liquidity and only modest volumes clearly exerting their influence on prices.
  • In the last pre-holiday session, market focus turns to Japanese CPI for November, Italian consumer confidence and Personal income spending, durable goods and Michigan confidence numbers from the US.
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