Pound Sterling (GBP)

This morning, UK GDP figures, industrial production, and manufacturing output came out worse than expected. The data showed that the UK economy grew by only 0.1% in the July-September quarter, less than the expected 0.2%. Despite this, the Pound has maintained the majority of its recent gains against the Dollar. The Bank of England is expected to keep interest rates on hold at its meeting next week, which is providing the Pound with some general support against other major currencies.

Euro (EUR)

The Euro has shown some strength against other major currencies since Germany announced its €500bn infrastructure package last week. However, with the European Union announcing countermeasures to US tariffs on steel, the market remains on edge with concerns about how this will impact the Eurozone economy.

U.S. Dollar (USD)

Yesterday, US Producer Price Index (PPI) inflation figures came out worse than expected, putting the Dollar on the back foot. Although Canada and Mexico have seen some temporary tariff increases suspended until 2nd April, the market remains wary of a potential trade war which has also influenced predictions about the Federal Reserve’s next interest rate decision.