There was some significant data released in the UK yesterday with GDP projecting that the economy accelerated to its fastest pace in a year during the first quarter, expanding 0.6% due in part to a revival in Industrial Production and an overall improvement in UK exports. However, without any significant British data released until Friday, we will look at Consumer Confidence with many analysts anticipating a slight decline in April following a significant climb in fuel prices.
The Dollar remained relatively unchanged yesterday despite an unexpected rise in Durable Goods Orders in March and a significant increase in the Sales of New Homes, which jumped to the highest level in almost 13 years. Orders for Durable Goods rose by 6.1% against forecasters expectations of a 1.8% increase from February and New Home Sales rocketed by 13.8% last month to an annual rate of $1.213 Million. As a result, the Dollar failed to react and we continued to trade up towards 1.7900 against Sterling despite the data showing positive growth in Manufacturing output and posed some unexpected relief for a declining U.S housing market.
In the past week or so, the Euro has made significant gains against the majors, particularly the Dollar after trading up to a 7-month high this week and we can expect to see further Euro solidarity this morning with German Unemployment figures set to narrow by 0.1% in April.
Data Released 27th April
GER 08:55 Unemployment (April)
U.S. 13:30 Initial Jobless Claims
written by Adam Solomon
Related posts:
- UK Unemployment Claims probably rose to the highest level in almost 3 years
- Existing Homes Sales unexpectedly grows in the U.S
- Weak sales of existing homes drove the dollar lower yesterday…
- The Euro advances as German Business Confidence jumps to a 15-year high
- Consumer confidence was also firm, giving investors a good indication that Xmas sales will be strong…
