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24 Dec 2014

Markets in a Holiday Mood

Yesterday, a downside surprise in UK’s final GDP data for the third quarter along with a downward revision to Britain’s economic growth for the past few quarters stoked concerns among Sterling investors over the possibilities of a delay in the timing of an interest rate rise in the nation. However, in the absence of any notable economic releases today and the prevalent holiday mood in markets, major currency pairs are unlikely to witness any significant volatility in the week ahead. Across the Atlantic, yesterday’s stronger than expected upward revision to the US GDP numbers for the third quarter supported the greenback against the majors. Going forward today, the weekly jobless claims report will attract market attention to gain an insight into the labour market.