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GBP Inching Higher as GDP Points to Strong Finish to Q2

FOREX
  • GBP is furtively the strongest performer across G10, gaining against all others on the back of a better-than-expected GDP release for Q2. Monthly GDP came in well ahead of expectations for June at +0.5% vs. Exp. +0.2%, leading the UK economy into a stronger finish for the quarter than expected.
  • GBP/USD added around 40 pips upon release, however the pair remains well below the week's best levels posted ahead of the US inflation print.
  • JPY remains in focus, with EUR/JPY touching fresh cycle highs in overnight Asia-Pac trade. EUR/JPY touched 159.22 before pulling slightly lower through the European open - with a Japanese market holiday overnight likely limiting liquidity and volumes.
  • NOK is the poorest performer on the day, helping EUR/NOK post a bullish break higher to narrow the gap with 11.4638, the 50-dma. Cross trades at the best levels since July 12.
  • Focus Friday turns to the dual releases from the US, with both PPI for July and prelim UMich sentiment on the docket. Particular focus may be paid to the inflation expectations component, with 1yr expectations seen nudging higher by 0.1ppts to 3.5%. There are no notable central bank speakers on the docket.
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