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Pound Sterling Acquires Minor Lift

GBP up slightly

The markets wallowed in a state of expectation, with activity being kept to the bare minimum, as investors anticipated the conclusion of Wednesday’s Brexit-focused EU summit in Brussels.

Overall, today’s UK data mostly overwhelmed the estimates. The newest monthly GDP reading eluded any unwelcome revelations at 0.2%, while industrial production and manufacturing numbers effortlessly outstripped predictions at 0.9% and 0.6%, respectively; however, it only resulted in slight growth to the pound, which increased by a mild 0.3% against the dollar and 0.2% against the euro, keeping the FTSE level at 7430.

UK neighbours, the DAX and CAC, were equally subdued – both indices added only 0.2% by lunchtime on Wednesday. This afternoon, an ECB press conference, as well as a rate vote, will be held.

The Dow Jones is expected to hover on the underside of 26200 by the end of trading on Wall Street, despite the stocks indicating a 30-point elevation; however, that could deviate after March’s inflation reading, which is predicted to show a month-on-month growth rate of 0.2% to 0.3%.


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